Price T Rowe Associates Inc. MD Acquires 814,360 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Price T Rowe Associates Inc. MD lifted its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 27.1% in the first quarter, HoldingsChannel reports. The fund owned 3,823,218 shares of the company’s stock after buying an additional 814,360 shares during the period. Price T Rowe Associates Inc. MD’s holdings in Crinetics Pharmaceuticals were worth $178,966,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Crinetics Pharmaceuticals by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock valued at $167,349,000 after buying an additional 72,624 shares during the last quarter. Jennison Associates LLC raised its holdings in Crinetics Pharmaceuticals by 10.6% during the 1st quarter. Jennison Associates LLC now owns 2,817,854 shares of the company’s stock valued at $131,904,000 after buying an additional 270,171 shares during the last quarter. First Light Asset Management LLC raised its holdings in Crinetics Pharmaceuticals by 25.5% during the 4th quarter. First Light Asset Management LLC now owns 1,987,772 shares of the company’s stock valued at $70,725,000 after buying an additional 404,443 shares during the last quarter. Eventide Asset Management LLC raised its holdings in Crinetics Pharmaceuticals by 4.0% during the 4th quarter. Eventide Asset Management LLC now owns 1,059,633 shares of the company’s stock valued at $37,702,000 after buying an additional 40,851 shares during the last quarter. Finally, Lord Abbett & CO. LLC raised its holdings in Crinetics Pharmaceuticals by 24.1% in the 1st quarter. Lord Abbett & CO. LLC now owns 964,568 shares of the company’s stock worth $45,152,000 after purchasing an additional 187,280 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 19,056 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $53.88, for a total transaction of $1,026,737.28. Following the sale, the chief financial officer now owns 111,092 shares in the company, valued at approximately $5,985,636.96. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 19,056 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $53.88, for a total transaction of $1,026,737.28. Following the sale, the chief financial officer now owns 111,092 shares in the company, valued at approximately $5,985,636.96. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Jeff E. Knight sold 27,000 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $55.00, for a total transaction of $1,485,000.00. Following the sale, the chief operating officer now directly owns 51,653 shares of the company’s stock, valued at $2,840,915. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 280,464 shares of company stock worth $13,777,063. Company insiders own 6.00% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ:CRNX traded down $1.08 during trading on Monday, hitting $53.28. The company’s stock had a trading volume of 113,493 shares, compared to its average volume of 842,864. The company has a 50-day moving average of $47.88 and a 200-day moving average of $44.16. Crinetics Pharmaceuticals, Inc. has a 12 month low of $15.76 and a 12 month high of $55.78. The firm has a market cap of $4.20 billion, a price-to-earnings ratio of -14.38 and a beta of 0.68.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.93) earnings per share for the quarter, missing the consensus estimate of ($0.84) by ($0.09). The firm had revenue of $0.64 million for the quarter, compared to analysts’ expectations of $0.20 million. During the same quarter in the previous year, the business earned ($0.85) EPS. The firm’s revenue for the quarter was down 76.1% on a year-over-year basis. As a group, research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.54 earnings per share for the current year.

Analyst Upgrades and Downgrades

CRNX has been the subject of several research reports. Cantor Fitzgerald restated an “overweight” rating and issued a $65.00 price objective on shares of Crinetics Pharmaceuticals in a report on Tuesday, May 14th. Piper Sandler reaffirmed an “overweight” rating and issued a $97.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. HC Wainwright reaffirmed a “buy” rating and issued a $60.00 target price on shares of Crinetics Pharmaceuticals in a research report on Friday, June 28th. Robert W. Baird upped their target price on shares of Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the stock an “outperform” rating in a research report on Thursday, May 23rd. Finally, Oppenheimer increased their price objective on shares of Crinetics Pharmaceuticals from $55.00 to $74.00 and gave the company an “outperform” rating in a research report on Tuesday, June 4th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $64.08.

About Crinetics Pharmaceuticals

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.