Price T Rowe Associates Inc. MD Sells 302,145 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Price T Rowe Associates Inc. MD has reduced its stake in Crinetics Pharmaceuticals by 5.6%, selling 302,145 shares during the first quarter.
• Institutional investors hold 98.51% of Crinetics Pharmaceuticals' stock, with several firms boosting their positions recently, including GAMMA Investing LLC increasing its stake by 6,291.5%.
• Crinetics Pharmaceuticals reported a 158.4% increase in quarterly revenue year-over-year, despite missing EPS estimates, and has a current average price target of $68.86 from analysts.

Price T Rowe Associates Inc. MD reduced its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 5.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,112,360 shares of the company's stock after selling 302,145 shares during the quarter. Price T Rowe Associates Inc. MD owned about 5.46% of Crinetics Pharmaceuticals worth $171,470,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRNX. State of Wyoming acquired a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter worth about $50,000. GF Fund Management CO. LTD. increased its stake in Crinetics Pharmaceuticals by 22.0% during the 1st quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company's stock worth $80,000 after purchasing an additional 428 shares in the last quarter. Amalgamated Bank increased its stake in Crinetics Pharmaceuticals by 17.3% during the 1st quarter. Amalgamated Bank now owns 3,159 shares of the company's stock worth $106,000 after purchasing an additional 467 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Crinetics Pharmaceuticals by 25.4% in the first quarter. PNC Financial Services Group Inc. now owns 3,395 shares of the company's stock valued at $114,000 after buying an additional 688 shares in the last quarter. Finally, KBC Group NV lifted its stake in Crinetics Pharmaceuticals by 10.0% in the first quarter. KBC Group NV now owns 4,082 shares of the company's stock valued at $137,000 after buying an additional 370 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 97,483 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $32.23, for a total value of $3,141,877.09. Following the completion of the sale, the insider owned 99,713 shares in the company, valued at $3,213,749.99. This trade represents a 49.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Dana Pizzuti sold 30,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $30.43, for a total transaction of $912,900.00. Following the completion of the transaction, the insider directly owned 66,270 shares of the company's stock, valued at approximately $2,016,596.10. This trade represents a 31.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 133,975 shares of company stock worth $4,244,214 over the last ninety days. Insiders own 4.60% of the company's stock.

Analyst Ratings Changes

CRNX has been the subject of several research reports. HC Wainwright reissued a "buy" rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. The Goldman Sachs Group began coverage on Crinetics Pharmaceuticals in a report on Thursday, July 10th. They set a "neutral" rating and a $36.00 target price for the company. Finally, JMP Securities cut their price target on Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating on the stock in a report on Monday, August 11th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus price target of $68.86.

Crinetics Pharmaceuticals Stock Down 0.3%

Shares of NASDAQ:CRNX traded down $0.10 during midday trading on Friday, reaching $30.55. The company had a trading volume of 765,637 shares, compared to its average volume of 940,560. Crinetics Pharmaceuticals, Inc. has a 1-year low of $24.10 and a 1-year high of $62.53. The stock has a market cap of $2.88 billion, a PE ratio of -7.42 and a beta of 0.33. The business's 50 day moving average price is $30.00 and its 200 day moving average price is $31.47.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($1.23) earnings per share for the quarter, missing analysts' consensus estimates of ($1.13) by ($0.10). The business had revenue of $1.03 million during the quarter, compared to analysts' expectations of $0.52 million. During the same period last year, the company posted ($0.94) EPS. The firm's quarterly revenue was up 158.4% on a year-over-year basis. On average, research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.