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

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

Other large investors have also recently modified their holdings of the company. Martingale Asset Management L P boosted its holdings in shares of Crinetics Pharmaceuticals by 1.9% during the 4th quarter. Martingale Asset Management L P now owns 22,484 shares of the company's stock valued at $1,150,000 after buying an additional 410 shares in the last quarter. NEOS Investment Management LLC grew its holdings in Crinetics Pharmaceuticals by 0.9% in the fourth quarter. NEOS Investment Management LLC now owns 57,933 shares of the company's stock worth $2,962,000 after purchasing an additional 544 shares during the period. Janney Montgomery Scott LLC increased its stake in shares of Crinetics Pharmaceuticals by 13.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company's stock valued at $254,000 after purchasing an additional 600 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its holdings in shares of Crinetics Pharmaceuticals by 1.9% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 38,049 shares of the company's stock valued at $1,945,000 after purchasing an additional 708 shares during the last quarter. Finally, Venturi Wealth Management LLC bought a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter worth approximately $41,000. Institutional investors own 98.51% of the company's stock.

Analysts Set New Price Targets

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

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ CRNX traded down $2.02 during midday trading on Friday, hitting $30.68. 1,142,829 shares of the company's stock traded hands, compared to its average volume of 861,647. The firm has a fifty day moving average of $31.96 and a 200 day moving average of $42.56. Crinetics Pharmaceuticals, Inc. has a 1 year low of $24.10 and a 1 year high of $62.53. The stock has a market capitalization of $2.87 billion, a price-to-earnings ratio of -8.23 and a beta of 0.31.

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

Insider Activity at Crinetics Pharmaceuticals

In other news, COO Jeff E. Knight sold 7,162 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $244,940.40. Following the transaction, the chief operating officer now directly owns 87,491 shares of the company's stock, valued at $2,992,192.20. The trade was a 7.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Richard Scott Struthers sold 17,338 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 transaction of $592,959.60. Following the completion of the sale, the chief executive officer now directly owns 329,147 shares of the company's stock, valued at $11,256,827.40. This represents a 5.00 % 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. Corporate insiders own 4.60% of the company's stock.

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.