Woodline Partners LP Purchases Shares of 50,000 Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Woodline Partners LP purchased a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 50,000 shares of the company's stock, valued at approximately $2,556,000. Woodline Partners LP owned approximately 0.05% of Crinetics Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the 4th quarter worth about $41,000. State of Wyoming acquired a new position in Crinetics Pharmaceuticals in the 4th quarter worth about $50,000. Headlands Technologies LLC purchased a new position in Crinetics Pharmaceuticals during the fourth quarter worth approximately $52,000. Harvest Fund Management Co. Ltd purchased a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter valued at approximately $66,000. Finally, KBC Group NV lifted its position in shares of Crinetics Pharmaceuticals by 69.3% during the 4th 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. Institutional investors and hedge funds own 98.51% of the company's stock.

Analysts Set New Price Targets

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

Insider Transactions at Crinetics Pharmaceuticals

In other news, CEO Richard Scott Struthers sold 17,338 shares of the stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $592,959.60. Following the completion of the transaction, the chief executive officer now directly owns 329,147 shares in the company, valued at approximately $11,256,827.40. This represents a 5.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $86,013.00. Following the completion of the sale, the insider now owns 72,233 shares in the company, valued at approximately $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 27,015 shares of company stock worth $923,913 in the last 90 days. Insiders own 4.60% of the company's stock.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ:CRNX traded up $0.60 during midday trading on Thursday, hitting $30.51. The company had a trading volume of 1,039,458 shares, compared to its average volume of 856,633. The business's 50-day simple moving average is $31.00 and its 200-day simple moving average is $40.13. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of -8.15 and a beta of 0.31. Crinetics Pharmaceuticals, Inc. has a twelve month low of $24.10 and a twelve month high of $62.53.

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

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.