Principal Financial Group Inc. Raises Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Principal Financial Group Inc. boosted its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 488.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 77,709 shares of the company's stock after buying an additional 64,504 shares during the period. Principal Financial Group Inc. owned 0.08% of Crinetics Pharmaceuticals worth $3,971,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of CRNX. Franklin Resources Inc. raised its position in shares of Crinetics Pharmaceuticals by 61.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company's stock worth $73,815,000 after acquiring an additional 528,688 shares in the last quarter. Geode Capital Management LLC grew its stake in Crinetics Pharmaceuticals by 10.1% in the third quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company's stock worth $94,458,000 after purchasing an additional 169,746 shares during the period. Barclays PLC raised its holdings in Crinetics Pharmaceuticals by 75.5% in the third quarter. Barclays PLC now owns 207,712 shares of the company's stock worth $10,614,000 after purchasing an additional 89,358 shares in the last quarter. Castleark Management LLC purchased a new position in Crinetics Pharmaceuticals during the third quarter valued at $3,748,000. Finally, State Street Corp boosted its holdings in shares of Crinetics Pharmaceuticals by 0.9% during the 3rd quarter. State Street Corp now owns 2,838,484 shares of the company's stock valued at $145,047,000 after buying an additional 25,561 shares in the last quarter. 98.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CRNX. HC Wainwright increased their price target on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. JMP Securities reaffirmed a "market outperform" rating and set a $87.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. Citigroup boosted their price target on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $74.40.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock traded up $1.60 during mid-day trading on Friday, hitting $53.15. The company's stock had a trading volume of 522,621 shares, compared to its average volume of 546,060. The stock has a market cap of $4.93 billion, a price-to-earnings ratio of -14.25 and a beta of 0.60. Crinetics Pharmaceuticals, Inc. has a 52-week low of $33.67 and a 52-week high of $62.53. The business has a 50-day moving average price of $55.92 and a 200 day moving average price of $53.09.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing analysts' consensus estimates of ($0.91) by ($0.05). During the same period last year, the firm earned ($1.01) earnings per share. Equities research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.75 EPS for the current fiscal year.

Insider Activity

In other news, COO Jeff E. Knight sold 501 shares of the firm's stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $56.52, for a total value of $28,316.52. Following the transaction, the chief operating officer now directly owns 51,653 shares in the company, valued at $2,919,427.56. This trade represents a 0.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 6.00% of the stock is owned by corporate insiders.

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.