Rhumbline Advisers Buys 7,872 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Rhumbline Advisers grew its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 6.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 131,950 shares of the company's stock after purchasing an additional 7,872 shares during the quarter. Rhumbline Advisers owned about 0.14% of Crinetics Pharmaceuticals worth $4,426,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in CRNX. Venturi Wealth Management LLC bought a new position in shares of Crinetics Pharmaceuticals during the 4th quarter worth about $41,000. State of Wyoming bought a new position in Crinetics Pharmaceuticals during the fourth quarter valued at about $50,000. Headlands Technologies LLC acquired a new position in Crinetics Pharmaceuticals in the 4th quarter valued at approximately $52,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter worth approximately $66,000. Finally, GF Fund Management CO. LTD. bought a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter worth approximately $100,000. 98.51% of the stock is owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Price Performance

Shares of Crinetics Pharmaceuticals stock traded down $0.35 during midday trading on Tuesday, hitting $30.85. 539,130 shares of the company were exchanged, compared to its average volume of 845,717. The firm has a 50 day simple moving average of $31.29 and a 200-day simple moving average of $37.56. The firm has a market cap of $2.89 billion, a P/E ratio of -8.08 and a beta of 0.28. Crinetics Pharmaceuticals, Inc. has a 52 week low of $24.10 and a 52 week high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings data 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 business had revenue of $0.36 million during the quarter, compared to analysts' expectations of $0.10 million. During the same period in the prior year, the company earned ($0.93) EPS. Crinetics Pharmaceuticals's quarterly revenue was down 43.6% on a year-over-year basis. Equities research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus initiated coverage on Crinetics Pharmaceuticals in a research report on Tuesday, March 25th. They issued a "buy" rating and a $60.00 target price for the company. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $74.56.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 2,515 shares of the business's stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $86,013.00. Following the transaction, the insider now directly owns 72,233 shares in the company, valued at $2,470,368.60. The trade was a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Stephen F. Betz sold 97,483 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $32.23, for a total transaction of $3,141,877.09. Following the completion of the transaction, the insider now owns 99,713 shares of the company's stock, valued at $3,213,749.99. This trade represents a 49.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold 124,498 shares of company stock worth $4,065,790 in the last quarter. 6.00% of the stock is owned by corporate insiders.

Crinetics Pharmaceuticals 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.