The Manufacturers Life Insurance Company Purchases 14,869 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

The Manufacturers Life Insurance Company raised its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 11.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 148,956 shares of the company's stock after buying an additional 14,869 shares during the quarter. The Manufacturers Life Insurance Company owned 0.16% of Crinetics Pharmaceuticals worth $7,616,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Venturi Wealth Management LLC bought a new position in shares of Crinetics Pharmaceuticals in the fourth quarter valued at approximately $41,000. Headlands Technologies LLC acquired a new stake in Crinetics Pharmaceuticals during the fourth quarter worth about $52,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter valued at approximately $66,000. KBC Group NV increased its stake in Crinetics Pharmaceuticals by 69.3% in the fourth quarter. KBC Group NV now owns 3,712 shares of the company's stock valued at $190,000 after acquiring an additional 1,519 shares during the period. Finally, Janney Montgomery Scott LLC boosted its stake in Crinetics Pharmaceuticals by 13.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company's stock valued at $254,000 after buying an additional 600 shares in the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 17,338 shares of the company's stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $592,959.60. Following the transaction, the chief executive officer now directly owns 329,147 shares in the company, valued at $11,256,827.40. The trade was a 5.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Dana Pizzuti sold 2,515 shares of the company'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 transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 27,015 shares of company stock worth $923,913 over the last ninety days. Company insiders own 4.60% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on CRNX shares. Wolfe Research began coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They set a "peer perform" rating on the stock. Stifel Nicolaus started coverage on Crinetics Pharmaceuticals in a research report on Tuesday, March 25th. They set a "buy" rating and a $60.00 price target on the stock. HC Wainwright reiterated a "buy" rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. TD Cowen assumed coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They set a "buy" rating on the stock. Finally, Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 target price for the company in a research report on Wednesday, January 22nd. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, Crinetics Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus price target of $73.00.

Crinetics Pharmaceuticals Stock Up 6.6%

Shares of CRNX traded up $2.03 during trading hours on Monday, reaching $32.71. The stock had a trading volume of 137,180 shares, compared to its average volume of 858,342. The firm has a 50-day moving average of $31.96 and a 200 day moving average of $42.33. The company has a market cap of $3.06 billion, a P/E ratio of -8.76 and a beta of 0.31. Crinetics Pharmaceuticals, Inc. has a 52 week low of $24.10 and a 52 week high of $62.53.

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