Alliancebernstein L.P. Buys 9,190 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Alliancebernstein L.P. lifted its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 9.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 101,720 shares of the company's stock after purchasing an additional 9,190 shares during the period. Alliancebernstein L.P. owned about 0.11% of Crinetics Pharmaceuticals worth $5,201,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Crinetics Pharmaceuticals by 44.6% in the fourth quarter. Vanguard Group Inc. now owns 9,089,391 shares of the company's stock valued at $464,741,000 after acquiring an additional 2,801,736 shares during the last quarter. Wellington Management Group LLP lifted its stake in Crinetics Pharmaceuticals by 55.9% in the fourth quarter. Wellington Management Group LLP now owns 6,950,567 shares of the company's stock valued at $355,382,000 after purchasing an additional 2,490,876 shares during the last quarter. SG Americas Securities LLC grew its holdings in Crinetics Pharmaceuticals by 4,084.6% during the fourth quarter. SG Americas Securities LLC now owns 542,446 shares of the company's stock valued at $27,735,000 after purchasing an additional 529,483 shares during the period. Franklin Resources Inc. increased its position in Crinetics Pharmaceuticals by 61.4% in the third 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 during the last quarter. Finally, Geode Capital Management LLC raised its stake 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 buying an additional 169,746 shares during the period. 98.51% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Crinetics Pharmaceuticals Trading Down 0.4 %

Shares of CRNX traded down $0.12 during trading hours on Tuesday, reaching $29.66. 544,923 shares of the company's stock traded hands, compared to its average volume of 850,399. The firm's 50 day simple moving average is $33.08 and its 200-day simple moving average is $45.29. The stock has a market cap of $2.76 billion, a PE ratio of -7.95 and a beta of 0.37. Crinetics Pharmaceuticals, Inc. has a 12 month low of $24.10 and a 12 month high of $62.53.

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, topping the consensus estimate of ($0.92) by $0.04. As a group, analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In related news, COO Jeff E. Knight sold 7,162 shares of the firm'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 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Richard Scott Struthers sold 17,338 shares of the 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 transaction, the chief executive officer now owns 329,147 shares in the company, valued at $11,256,827.40. This trade represents a 5.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,015 shares of company stock worth $1,119,263. Company insiders own 6.00% of the company's stock.

Wall Street Analyst Weigh In

CRNX has been the subject of several recent research reports. Wolfe Research began coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They issued a "peer perform" rating for the company. HC Wainwright reissued a "buy" rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. TD Cowen started 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 shares of Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 target price on the stock in a report on Wednesday, January 22nd. Finally, JMP Securities restated a "market outperform" rating and set a $87.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, Crinetics Pharmaceuticals has a consensus rating of "Moderate Buy" and an average price target of $73.00.

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.