Rhumbline Advisers Increases Stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Rhumbline Advisers boosted its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 6.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 131,950 shares of the company's stock after purchasing an additional 7,872 shares during the period. Rhumbline Advisers owned about 0.14% of Crinetics Pharmaceuticals worth $4,426,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC purchased a new position in shares of Crinetics Pharmaceuticals in the fourth quarter worth $41,000. State of Wyoming purchased a new position in Crinetics Pharmaceuticals during the 4th quarter valued at $50,000. Headlands Technologies LLC purchased a new position in Crinetics Pharmaceuticals during the 4th quarter valued at $52,000. Harvest Fund Management Co. Ltd purchased a new position in Crinetics Pharmaceuticals in the 4th quarter worth about $66,000. Finally, GF Fund Management CO. LTD. purchased a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter valued at approximately $100,000. Institutional investors own 98.51% of the company's stock.

Crinetics Pharmaceuticals Stock Down 1.2%

Shares of NASDAQ CRNX opened at $31.77 on Friday. The business's 50 day moving average price is $31.12 and its 200 day moving average price is $38.07. Crinetics Pharmaceuticals, Inc. has a 52 week low of $24.10 and a 52 week high of $62.53. The firm has a market cap of $2.97 billion, a P/E ratio of -8.52 and a beta of 0.28.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.99) by ($0.05). The firm had revenue of $0.36 million for the quarter, compared to analyst estimates of $0.10 million. During the same quarter in the prior year, the firm posted ($0.93) earnings per share. The firm's quarterly revenue was down 43.6% on a year-over-year basis. As a group, research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Jeff E. Knight sold 7,162 shares of the company's stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $244,940.40. Following the completion of the sale, the chief operating officer now owns 87,491 shares of the company's stock, valued at approximately $2,992,192.20. This represents a 7.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dana Pizzuti sold 2,515 shares of the firm's stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $86,013.00. Following the completion of the sale, the insider now directly owns 72,233 shares of the company's stock, valued at $2,470,368.60. This trade represents a 3.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,015 shares of company stock worth $923,913 in the last 90 days. Insiders own 4.60% of the company's stock.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus assumed coverage on Crinetics Pharmaceuticals in a research report on Tuesday, March 25th. They set a "buy" rating and a $60.00 price objective on the stock. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $74.56.

About Crinetics Pharmaceuticals

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.

Want to see what other hedge funds are holding CRNX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.