State Street Corp Purchases 25,561 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

State Street Corp raised its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 0.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,838,484 shares of the company's stock after purchasing an additional 25,561 shares during the period. State Street Corp owned 3.06% of Crinetics Pharmaceuticals worth $145,047,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Cinctive Capital Management LP bought a new position in Crinetics Pharmaceuticals during the third quarter valued at approximately $2,527,000. Vestal Point Capital LP bought a new stake in Crinetics Pharmaceuticals in the 3rd quarter worth approximately $10,476,000. Martingale Asset Management L P purchased a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth approximately $1,128,000. PEAK6 Investments LLC boosted its position in shares of Crinetics Pharmaceuticals by 25.0% during the 3rd quarter. PEAK6 Investments LLC now owns 10,000 shares of the company's stock valued at $511,000 after acquiring an additional 2,000 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Crinetics Pharmaceuticals by 4.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 271,747 shares of the company's stock valued at $13,886,000 after purchasing an additional 10,767 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CRNX shares. JMP Securities reaffirmed a "market outperform" rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. HC Wainwright upped their target price on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. Finally, Citigroup boosted their price objective on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Crinetics Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average target price of $70.18.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ:CRNX traded down $1.96 during trading hours on Friday, hitting $53.66. 748,842 shares of the company's stock traded hands, compared to its average volume of 770,367. The firm has a market capitalization of $4.98 billion, a P/E ratio of -14.39 and a beta of 0.60. The business has a fifty day moving average price of $56.85 and a 200-day moving average price of $52.36. Crinetics Pharmaceuticals, Inc. has a 1 year low of $32.92 and a 1 year high of $62.53.

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

Insider Activity

In related news, COO Jeff E. Knight sold 501 shares of the stock in a transaction that occurred 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 owns 51,653 shares of the company's stock, valued at $2,919,427.56. This represents a 0.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Marc Wilson sold 25,000 shares of Crinetics Pharmaceuticals stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $51.11, for a total value of $1,277,750.00. Following the sale, the chief financial officer now directly owns 111,092 shares of the company's stock, valued at approximately $5,677,912.12. This trade represents a 18.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 39,876 shares of company stock valued at $2,091,373. 6.00% of the stock is currently owned by company insiders.

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.