Vanguard Group Inc. Grows Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Vanguard Group Inc. grew its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 24.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,407,035 shares of the company's stock after purchasing an additional 674,301 shares during the period. Vanguard Group Inc. owned approximately 5.10% of Crinetics Pharmaceuticals worth $101,325,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of CRNX. FMR LLC boosted its stake in shares of Crinetics Pharmaceuticals by 97.7% during the 3rd quarter. FMR LLC now owns 2,140,861 shares of the company's stock valued at $63,669,000 after purchasing an additional 1,057,947 shares in the last quarter. Jennison Associates LLC boosted its stake in shares of Crinetics Pharmaceuticals by 210.7% during the 3rd quarter. Jennison Associates LLC now owns 1,433,691 shares of the company's stock valued at $42,638,000 after purchasing an additional 972,194 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Crinetics Pharmaceuticals by 16.3% during the 2nd quarter. BlackRock Inc. now owns 4,600,486 shares of the company's stock valued at $82,901,000 after purchasing an additional 644,128 shares in the last quarter. Avidity Partners Management LP bought a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter valued at about $18,141,000. Finally, Eventide Asset Management LLC boosted its stake in shares of Crinetics Pharmaceuticals by 134.3% during the 3rd quarter. Eventide Asset Management LLC now owns 1,018,782 shares of the company's stock valued at $30,299,000 after purchasing an additional 584,014 shares in the last quarter. Institutional investors own 98.51% of the company's stock.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX traded up $0.88 during mid-day trading on Friday, hitting $47.53. 668,211 shares of the company traded hands, compared to its average volume of 805,414. The stock has a 50-day moving average price of $40.76 and a two-hundred day moving average price of $34.86. Crinetics Pharmaceuticals, Inc. has a 1 year low of $15.50 and a 1 year high of $49.58. The stock has a market cap of $3.31 billion, a price-to-earnings ratio of -12.97 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings data on Wednesday, February 28th. The company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 4,223.27% and a negative return on equity of 52.93%. The firm's revenue was down 100.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.84) EPS. On average, analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.34 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Stephen F. Betz sold 3,000 shares of the business's stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $37.65, for a total transaction of $112,950.00. Following the completion of the sale, the insider now directly owns 76,298 shares in the company, valued at $2,872,619.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the company's stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $37.65, for a total value of $112,950.00. Following the completion of the transaction, the insider now directly owns 76,298 shares in the company, valued at $2,872,619.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Marc Wilson sold 6,942 shares of the company's stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $42.91, for a total transaction of $297,881.22. Following the completion of the transaction, the chief financial officer now owns 110,630 shares of the company's stock, valued at $4,747,133.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 137,890 shares of company stock worth $6,081,310. 7.00% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on CRNX shares. Robert W. Baird lifted their price target on shares of Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the company an "outperform" rating in a research report on Thursday, February 29th. Oppenheimer lifted their price target on shares of Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the company an "outperform" rating in a research report on Wednesday, March 20th. Jonestrading lifted their price target on shares of Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a "buy" rating in a research report on Wednesday, March 20th. Morgan Stanley began coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, January 16th. They issued an "overweight" rating and a $50.00 target price for the company. Finally, Cantor Fitzgerald lifted their target price on shares of Crinetics Pharmaceuticals from $50.00 to $65.00 and gave the stock an "overweight" rating in a report on Monday, March 4th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $54.17.

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.