abrdn plc Purchases New Stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

abrdn plc purchased a new position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 101,196 shares of the company's stock, valued at approximately $3,601,000. abrdn plc owned approximately 0.15% of Crinetics Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its holdings in Crinetics Pharmaceuticals by 1.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,640,235 shares of the company's stock worth $108,261,000 after acquiring an additional 38,523 shares in the last quarter. Vanguard Group Inc. increased its holdings in Crinetics Pharmaceuticals by 24.7% in the 3rd quarter. Vanguard Group Inc. now owns 3,407,035 shares of the company's stock worth $101,325,000 after acquiring an additional 674,301 shares in the last quarter. FMR LLC boosted its stake in Crinetics Pharmaceuticals by 97.7% during the 3rd quarter. FMR LLC now owns 2,140,861 shares of the company's stock worth $63,669,000 after purchasing an additional 1,057,947 shares during the last quarter. Jennison Associates LLC boosted its stake in Crinetics Pharmaceuticals by 210.7% during the 3rd quarter. Jennison Associates LLC now owns 1,433,691 shares of the company's stock worth $42,638,000 after purchasing an additional 972,194 shares during the last quarter. Finally, Eventide Asset Management LLC boosted its stake in Crinetics Pharmaceuticals by 134.3% during the 3rd quarter. Eventide Asset Management LLC now owns 1,018,782 shares of the company's stock worth $30,299,000 after purchasing an additional 584,014 shares during the last quarter. Hedge funds and other institutional investors own 98.51% of the company's stock.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 15,089 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $44.06, for a total value of $664,821.34. Following the transaction, the insider now directly owns 27,786 shares in the company, valued at approximately $1,224,251.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Dana Pizzuti sold 15,089 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $44.06, for a total value of $664,821.34. Following the transaction, the insider now directly owns 27,786 shares in the company, valued at approximately $1,224,251.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Matthew K. Fust sold 60,000 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $44.14, for a total transaction of $2,648,400.00. Following the completion of the transaction, the director now owns 18,536 shares in the company, valued at $818,179.04. The disclosure for this sale can be found here. Insiders have sold a total of 187,216 shares of company stock worth $8,509,397 in the last three months. Insiders own 7.00% of the company's stock.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX traded up $1.88 during mid-day trading on Monday, reaching $44.00. 676,132 shares of the company's stock were exchanged, compared to its average volume of 765,880. The stock has a market capitalization of $3.06 billion, a PE ratio of -11.89 and a beta of 0.63. The business's fifty day simple moving average is $43.00 and its 200-day simple moving average is $36.81. Crinetics Pharmaceuticals, Inc. has a 52-week low of $15.76 and a 52-week high of $49.58.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its earnings results on Wednesday, February 28th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 52.93% and a negative net margin of 4,223.27%. Crinetics Pharmaceuticals's revenue for the quarter was down 100.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.84) EPS. Equities research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.34 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CRNX shares. Oppenheimer lifted their target price on shares of Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 20th. Morgan Stanley started coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, January 16th. They set an "overweight" rating and a $50.00 target price on the stock. Jonestrading lifted their target price on shares of Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the stock a "buy" rating in a research note on Wednesday, March 20th. Citigroup began coverage on shares of Crinetics Pharmaceuticals in a research report on Wednesday, March 6th. They set a "buy" rating and a $68.00 price target on the stock. Finally, Robert W. Baird boosted 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. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, Crinetics Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus price target of $54.00.

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.