Cinctive Capital Management LP Sells 12,457 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Cinctive Capital Management LP lowered its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 25.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 36,988 shares of the company's stock after selling 12,457 shares during the period. Cinctive Capital Management LP's holdings in Crinetics Pharmaceuticals were worth $1,891,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Bryce Point Capital LLC bought a new position in Crinetics Pharmaceuticals in the fourth quarter worth $1,160,000. Headlands Technologies LLC bought a new position in shares of Crinetics Pharmaceuticals in the 4th quarter worth about $52,000. Geode Capital Management LLC lifted its position in Crinetics Pharmaceuticals by 13.6% during the 4th quarter. Geode Capital Management LLC now owns 2,098,841 shares of the company's stock valued at $107,339,000 after acquiring an additional 250,708 shares during the period. Franklin Resources Inc. boosted its stake in Crinetics Pharmaceuticals by 14.5% during the fourth quarter. Franklin Resources Inc. now owns 1,591,666 shares of the company's stock worth $81,382,000 after acquiring an additional 201,556 shares in the last quarter. Finally, Alliancebernstein L.P. grew its holdings in Crinetics Pharmaceuticals by 9.9% in the fourth quarter. Alliancebernstein L.P. now owns 101,720 shares of the company's stock worth $5,201,000 after purchasing an additional 9,190 shares during the period. Hedge funds and other institutional investors own 98.51% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wolfe Research began coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They issued a "peer perform" rating on the stock. HC Wainwright reissued a "buy" rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Stifel Nicolaus initiated coverage on Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They set a "buy" rating and a $60.00 price target for the company. TD Cowen began coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a "buy" rating on the stock. Finally, Jefferies Financial Group upgraded shares of 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. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $73.00.

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Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 5,000 shares of the firm's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $39.07, for a total value of $195,350.00. Following the transaction, the insider now directly owns 31,748 shares of the company's stock, valued at approximately $1,240,394.36. This trade represents a 13.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Richard Scott Struthers sold 17,338 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $592,959.60. Following 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,015 shares of company stock valued at $1,119,263. Insiders own 6.00% of the company's stock.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock traded up $0.44 on Tuesday, reaching $26.82. The stock had a trading volume of 373,937 shares, compared to its average volume of 836,120. Crinetics Pharmaceuticals, Inc. has a 1 year low of $24.71 and a 1 year high of $62.53. The stock has a market cap of $2.50 billion, a P/E ratio of -7.20 and a beta of 0.37. The company has a 50 day simple moving average of $34.95 and a 200 day simple moving average of $46.52.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.92) by $0.04. On average, equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

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.