Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Sold by ADAR1 Capital Management LLC

ADAR1 Capital Management LLC reduced its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 39.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 53,125 shares of the company's stock after selling 35,300 shares during the quarter. ADAR1 Capital Management LLC owned 0.06% of Crinetics Pharmaceuticals worth $2,716,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Venturi Wealth Management LLC acquired a new position in Crinetics Pharmaceuticals in the 4th quarter valued at $41,000. Headlands Technologies LLC acquired a new stake in Crinetics Pharmaceuticals in the fourth quarter valued at $52,000. Harvest Fund Management Co. Ltd acquired a new position in shares of Crinetics Pharmaceuticals during the 4th quarter worth $66,000. KBC Group NV increased its holdings 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 valued at $190,000 after purchasing an additional 1,519 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Crinetics Pharmaceuticals by 13.7% in 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 during the period. Institutional investors and hedge funds own 98.51% of the company's stock.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX traded up $2.26 during midday trading on Friday, hitting $29.11. 1,379,285 shares of the company's stock traded hands, compared to its average volume of 851,237. The firm's fifty day moving average price is $33.46 and its two-hundred day moving average price is $45.59. Crinetics Pharmaceuticals, Inc. has a twelve month low of $24.10 and a twelve month high of $62.53. The company has a market cap of $2.71 billion, a PE ratio of -7.80 and a beta of 0.37.

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Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share for the quarter, topping the consensus estimate of ($0.92) by $0.04. As a group, equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Dana Pizzuti sold 2,515 shares of the business's stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $86,013.00. Following the completion of the sale, the insider now directly owns 72,233 shares in the company, valued at approximately $2,470,368.60. The trade was a 3.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jeff E. Knight sold 7,162 shares of the company's stock in a transaction that occurred 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 sale, the chief operating officer now directly owns 87,491 shares in the company, valued at approximately $2,992,192.20. This represents a 7.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,015 shares of company stock worth $1,119,263 in the last 90 days. 6.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. TD Cowen assumed coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They issued a "buy" rating for the company. Jefferies Financial Group raised 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. JMP Securities reissued a "market outperform" rating and issued a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. 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. Finally, Wolfe Research initiated coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They set a "peer perform" rating on the stock. 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, the stock currently has an average rating of "Moderate Buy" and an average target price of $73.00.

Crinetics Pharmaceuticals Company 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.