Russell Investments Group Ltd. Has $5.58 Million Stock Position in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Russell Investments Group Ltd. significantly increased its stake in Crinetics Pharmaceuticals by 386.4% in the first quarter, now owning 166,338 shares valued at approximately $5.58 million.
• Analysts have mixed outlooks on Crinetics Pharmaceuticals, with target prices ranging from $36.00 to $86.00; the company is currently rated as a "Moderate Buy" with an average price target of $68.86.
• Crinetics Pharmaceuticals reported a quarterly revenue increase of 158.4% year-over-year, but posted a loss of ($1.23) earnings per share, missing expectations.

Russell Investments Group Ltd. grew its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 386.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 166,338 shares of the company's stock after buying an additional 132,138 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.18% of Crinetics Pharmaceuticals worth $5,579,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Farallon Capital Management LLC raised its position in Crinetics Pharmaceuticals by 250.7% during the fourth quarter. Farallon Capital Management LLC now owns 4,075,098 shares of the company's stock valued at $208,360,000 after acquiring an additional 2,913,098 shares in the last quarter. Nuveen LLC bought a new position in Crinetics Pharmaceuticals during the first quarter valued at approximately $18,881,000. Point72 Asset Management L.P. raised its position in Crinetics Pharmaceuticals by 21.2% during the fourth quarter. Point72 Asset Management L.P. now owns 2,788,939 shares of the company's stock valued at $142,598,000 after acquiring an additional 488,296 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Crinetics Pharmaceuticals by 9.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,414,505 shares of the company's stock valued at $276,844,000 after acquiring an additional 469,748 shares in the last quarter. Finally, Janus Henderson Group PLC raised its position in Crinetics Pharmaceuticals by 15.1% during the fourth quarter. Janus Henderson Group PLC now owns 2,795,441 shares of the company's stock valued at $142,902,000 after acquiring an additional 365,991 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. JMP Securities decreased their price objective on shares of Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating for the company in a report on Monday, August 11th. The Goldman Sachs Group assumed coverage on shares of Crinetics Pharmaceuticals in a report on Thursday, July 10th. They set a "neutral" rating and a $36.00 price objective for the company. Finally, HC Wainwright reaffirmed a "buy" rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Crinetics Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average target price of $68.86.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX traded up $0.72 on Tuesday, hitting $30.81. The stock had a trading volume of 266,859 shares, compared to its average volume of 941,542. Crinetics Pharmaceuticals, Inc. has a twelve month low of $24.10 and a twelve month high of $62.53. The firm's 50 day moving average price is $30.00 and its 200-day moving average price is $31.52. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of -7.51 and a beta of 0.33.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($1.23) EPS for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The firm had revenue of $1.03 million for the quarter, compared to the consensus estimate of $0.52 million. During the same quarter in the previous year, the company earned ($0.94) EPS. The business's quarterly revenue was up 158.4% compared to the same quarter last year. As a group, sell-side analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 6,492 shares of the business's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $29.18, for a total value of $189,436.56. Following the sale, the insider owned 66,270 shares in the company, valued at approximately $1,933,758.60. The trade was a 8.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stephen F. Betz sold 97,483 shares of the business's stock in a transaction 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 sale, the insider owned 99,713 shares in the company, valued at $3,213,749.99. This represents a 49.43% decrease in their position. The disclosure for this sale can be found here. 4.60% of the stock is currently owned by insiders.

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.