Diadema Partners LP Invests $1.32 Million in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Diadema Partners LP acquired a new position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 25,900 shares of the company's stock, valued at approximately $1,324,000.

A number of other large investors also recently modified their holdings of the stock. FMR LLC raised its position in Crinetics Pharmaceuticals by 100.4% in the 4th quarter. FMR LLC now owns 8,928,086 shares of the company's stock valued at $456,493,000 after buying an additional 4,472,316 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Crinetics Pharmaceuticals by 44.6% in the 4th quarter. Vanguard Group Inc. now owns 9,089,391 shares of the company's stock worth $464,741,000 after acquiring an additional 2,801,736 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Crinetics Pharmaceuticals by 55.9% in the fourth quarter. Wellington Management Group LLP now owns 6,950,567 shares of the company's stock valued at $355,382,000 after purchasing an additional 2,490,876 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of Crinetics Pharmaceuticals by 4,084.6% during the fourth quarter. SG Americas Securities LLC now owns 542,446 shares of the company's stock valued at $27,735,000 after purchasing an additional 529,483 shares in the last quarter. Finally, Franklin Resources Inc. boosted its holdings in Crinetics Pharmaceuticals by 61.4% during the third quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company's stock worth $73,815,000 after purchasing an additional 528,688 shares during the last quarter. Institutional investors own 98.51% of the company's stock.

Crinetics Pharmaceuticals Price Performance

Shares of Crinetics Pharmaceuticals stock traded down $1.00 during trading hours on Friday, reaching $32.39. The company had a trading volume of 835,521 shares, compared to its average volume of 860,349. The firm has a market cap of $3.01 billion, a PE ratio of -8.68 and a beta of 0.37. Crinetics Pharmaceuticals, Inc. has a one year low of $24.10 and a one year high of $62.53. The business has a fifty day simple moving average of $32.39 and a 200 day simple moving average of $44.18.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share for the quarter, beating analysts' consensus estimates of ($0.92) by $0.04. On average, research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Richard Scott Struthers sold 17,338 shares of the stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $592,959.60. Following the transaction, the chief executive officer now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dana Pizzuti sold 5,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $39.07, for a total transaction of $195,350.00. Following the transaction, the insider now owns 31,748 shares in the company, valued at $1,240,394.36. The trade was a 13.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,015 shares of company stock worth $1,119,263 in the last three months. 6.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

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.