Cibc World Markets Corp Makes New Investment in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Cibc World Markets Corp acquired a new stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 8,206 shares of the company's stock, valued at approximately $420,000.

Other hedge funds also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC bought a new position in shares of Crinetics Pharmaceuticals during the fourth quarter worth about $41,000. Advisors Asset Management Inc. lifted its holdings in Crinetics Pharmaceuticals by 56.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 2,806 shares of the company's stock worth $143,000 after buying an additional 1,008 shares during the last quarter. KBC Group NV grew its position in shares of Crinetics Pharmaceuticals by 69.3% in the 4th quarter. KBC Group NV now owns 3,712 shares of the company's stock worth $190,000 after acquiring an additional 1,519 shares in the last quarter. Commerce Bank bought a new stake in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at approximately $212,000. Finally, Janney Montgomery Scott LLC raised its position in shares of Crinetics Pharmaceuticals by 13.7% during the 4th quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company's stock valued at $254,000 after acquiring an additional 600 shares in the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX traded up $0.39 on Thursday, hitting $34.90. The company's stock had a trading volume of 548,545 shares, compared to its average volume of 816,962. The company has a market capitalization of $3.25 billion, a price-to-earnings ratio of -9.36 and a beta of 0.58. Crinetics Pharmaceuticals, Inc. has a 12 month low of $31.84 and a 12 month high of $62.53. The stock's 50-day moving average is $36.10 and its two-hundred day moving average is $47.77.

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wolfe Research initiated coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They issued a "peer perform" rating for the company. Stifel Nicolaus assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday. They set a "buy" rating and a $60.00 price objective on the stock. JMP Securities restated a "market outperform" rating and issued a $87.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. HC Wainwright reaffirmed a "buy" rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. Finally, Jefferies Financial Group raised 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. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $73.00.

Insider Activity

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 2,515 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 transaction of $86,013.00. Following the completion of the transaction, the insider now directly owns 72,233 shares of the company's stock, valued at approximately $2,470,368.60. This trade represents a 3.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Jeff E. Knight sold 7,162 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $244,940.40. Following the transaction, the chief operating officer now owns 87,491 shares in the company, valued at approximately $2,992,192.20. This trade represents a 7.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,015 shares of company stock worth $1,119,263 over the last three months. Corporate insiders own 6.00% of the company's stock.

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.