Woodline Partners LP Takes Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Woodline Partners LP bought a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 50,000 shares of the company's stock, valued at approximately $2,556,000. Woodline Partners LP owned approximately 0.05% of Crinetics Pharmaceuticals at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Barclays PLC grew its position in shares of Crinetics Pharmaceuticals by 75.5% during the third quarter. Barclays PLC now owns 207,712 shares of the company's stock worth $10,614,000 after purchasing an additional 89,358 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in Crinetics Pharmaceuticals during the fourth quarter valued at approximately $818,000. Alliancebernstein L.P. boosted its stake in Crinetics Pharmaceuticals by 9.9% during the fourth quarter. Alliancebernstein L.P. now owns 101,720 shares of the company's stock valued at $5,201,000 after buying an additional 9,190 shares during the last quarter. Invesco Ltd. boosted its stake in Crinetics Pharmaceuticals by 16.8% during the fourth quarter. Invesco Ltd. now owns 298,254 shares of the company's stock valued at $15,250,000 after buying an additional 42,954 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new position in Crinetics Pharmaceuticals during the fourth quarter valued at approximately $750,000. Hedge funds and other institutional investors own 98.51% of the company's stock.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ:CRNX traded up $0.27 during trading on Friday, hitting $30.79. The company had a trading volume of 159,002 shares, compared to its average volume of 855,814. The stock has a market cap of $2.88 billion, a price-to-earnings ratio of -8.25 and a beta of 0.31. Crinetics Pharmaceuticals, Inc. has a one year low of $24.10 and a one year high of $62.53. The company has a fifty day simple moving average of $30.89 and a two-hundred day simple moving average of $39.93.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted 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 firm had revenue of $0.36 million during the quarter, compared to analyst estimates of $0.10 million. Crinetics Pharmaceuticals's revenue was down 43.6% on a year-over-year basis. During the same period last year, the firm earned ($0.93) earnings per share. On average, equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In other 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 value of $244,940.40. Following the sale, the chief operating officer now directly owns 87,491 shares in the company, valued at approximately $2,992,192.20. This represents a 7.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Dana Pizzuti sold 2,515 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 value 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. The trade was a 3.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,015 shares of company stock worth $923,913. 4.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CRNX shares. Wolfe Research started coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They set a "peer perform" rating for the company. TD Cowen started coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They set a "buy" rating for the company. Finally, Stifel Nicolaus started coverage on Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They set a "buy" rating and a $60.00 price target for the company. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $74.56.

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.