UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Purchases 53,529 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 19.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 325,276 shares of the company's stock after buying an additional 53,529 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.35% of Crinetics Pharmaceuticals worth $16,631,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Venturi Wealth Management LLC bought a new position in shares of Crinetics Pharmaceuticals during the 4th quarter valued at about $41,000. State of Wyoming bought a new stake in Crinetics Pharmaceuticals during the fourth quarter worth approximately $50,000. Headlands Technologies LLC bought a new stake in Crinetics Pharmaceuticals during the fourth quarter worth approximately $52,000. Harvest Fund Management Co. Ltd acquired a new position in Crinetics Pharmaceuticals in the fourth quarter worth approximately $66,000. Finally, KBC Group NV increased its holdings in shares of Crinetics Pharmaceuticals by 69.3% in the fourth quarter. KBC Group NV now owns 3,712 shares of the company's stock valued at $190,000 after buying an additional 1,519 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors.

Crinetics Pharmaceuticals Price Performance

NASDAQ:CRNX traded up $0.07 during mid-day trading on Friday, reaching $30.59. The stock had a trading volume of 741,503 shares, compared to its average volume of 858,499. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $24.10 and a fifty-two week high of $62.53. The business's 50 day moving average is $30.80 and its 200 day moving average is $39.60. The stock has a market cap of $2.86 billion, a P/E ratio of -8.20 and a beta of 0.31.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($1.04) 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 the consensus estimate of $0.10 million. During the same quarter in the previous year, the business posted ($0.93) EPS. The firm's revenue was down 43.6% on a year-over-year basis. Equities analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In related news, COO Jeff E. Knight sold 7,162 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was 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 in the company, valued at $2,992,192.20. This represents a 7.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Richard Scott Struthers sold 17,338 shares of the company's stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $592,959.60. Following the transaction, the chief executive officer now owns 329,147 shares of the company's stock, valued at approximately $11,256,827.40. This trade represents a 5.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,015 shares of company stock worth $923,913. 4.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CRNX has been the subject of several research reports. Wolfe Research initiated coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They set a "peer perform" rating for the company. TD Cowen initiated coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They issued a "buy" rating for the company. Finally, Stifel Nicolaus started coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They set a "buy" rating and a $60.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, Crinetics Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus target price of $74.56.

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.