Prudential Financial Inc. Purchases 104,584 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Prudential Financial Inc. lifted its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 60.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 277,370 shares of the company's stock after acquiring an additional 104,584 shares during the quarter. Prudential Financial Inc. owned approximately 0.30% of Crinetics Pharmaceuticals worth $14,182,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its position 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 valued at $464,741,000 after buying an additional 2,801,736 shares during the last quarter. FMR LLC raised its stake in shares of Crinetics Pharmaceuticals by 8.8% in the third quarter. FMR LLC now owns 4,455,770 shares of the company's stock worth $227,690,000 after purchasing an additional 358,975 shares during the last quarter. State Street Corp raised its position in Crinetics Pharmaceuticals by 0.9% in 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 during the last quarter. Geode Capital Management LLC raised its holdings in shares of Crinetics Pharmaceuticals by 10.1% in the third quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company's stock valued at $94,458,000 after purchasing an additional 169,746 shares during the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of Crinetics Pharmaceuticals by 61.4% during the 3rd quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company's stock worth $73,815,000 after buying an additional 528,688 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors.

Remove Ads

Insider Activity

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 7,162 shares of the company's stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction 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 represents a 7.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Richard Scott Struthers sold 17,338 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $592,959.60. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 32,015 shares of company stock worth $1,119,263 over the last 90 days. 6.00% of the stock is currently owned by insiders.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX traded down $1.32 during mid-day trading on Monday, reaching $33.41. The company had a trading volume of 1,137,676 shares, compared to its average volume of 831,436. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of -8.97 and a beta of 0.58. The firm has a 50-day moving average price of $36.02 and a 200 day moving average price of $47.51. Crinetics Pharmaceuticals, Inc. has a 52 week low of $31.64 and a 52 week high of $62.53.

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

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CRNX shares. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 target price on the stock in a research note on Wednesday, January 22nd. HC Wainwright restated a "buy" rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. TD Cowen initiated coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a "buy" rating for the company. Stifel Nicolaus began coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They issued a "buy" rating and a $60.00 price target on the stock. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $87.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target 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.