Vanguard Group Inc. Raises Position in Crinetics Pharmaceuticals, Inc. $CRNX

Vanguard Group Inc. lifted its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 2.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,311,600 shares of the company's stock after purchasing an additional 222,209 shares during the period. Vanguard Group Inc. owned about 9.95% of Crinetics Pharmaceuticals worth $312,311,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. 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. acquired a new position in Crinetics Pharmaceuticals in the 4th quarter valued at about $100,000. Amalgamated Bank increased its position in Crinetics Pharmaceuticals by 17.3% in the 1st quarter. Amalgamated Bank now owns 3,159 shares of the company's stock valued at $106,000 after acquiring an additional 467 shares during the period. PNC Financial Services Group Inc. increased its position in Crinetics Pharmaceuticals by 25.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,395 shares of the company's stock valued at $114,000 after acquiring an additional 688 shares during the period. Finally, KBC Group NV increased its position in Crinetics Pharmaceuticals by 10.0% in the 1st quarter. KBC Group NV now owns 4,082 shares of the company's stock valued at $137,000 after acquiring an additional 370 shares during the period. Institutional investors and hedge funds own 98.51% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. JMP Securities dropped their target price on Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating on the stock in a research report on Monday, August 11th. The Goldman Sachs Group assumed coverage on Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They set a "neutral" rating and a $36.00 target price on the stock. Finally, HC Wainwright reiterated a "buy" rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a research 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 company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $68.86.

Crinetics Pharmaceuticals Trading Down 1.2%

Shares of NASDAQ:CRNX traded down $0.34 during trading on Wednesday, hitting $29.09. 547,561 shares of the stock were exchanged, compared to its average volume of 940,376. The company has a fifty day moving average price of $30.16 and a two-hundred day moving average price of $31.82. The company has a market cap of $2.74 billion, a PE ratio of -7.08 and a beta of 0.33. Crinetics Pharmaceuticals, Inc. has a 12-month low of $24.10 and a 12-month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly 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 during the quarter, compared to analyst estimates of $0.52 million. Crinetics Pharmaceuticals's quarterly revenue was up 158.4% on a year-over-year basis. During the same quarter last year, the business earned ($0.94) earnings per share. Equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

In other news, insider Stephen F. Betz sold 97,483 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $32.23, for a total transaction of $3,141,877.09. Following the sale, the insider owned 99,713 shares of the company's stock, valued at $3,213,749.99. The trade was a 49.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.00% of the stock is owned by company 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.