Parkman Healthcare Partners LLC Sells 63,752 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Parkman Healthcare Partners LLC trimmed its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 45.1% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 77,623 shares of the company's stock after selling 63,752 shares during the quarter. Parkman Healthcare Partners LLC owned about 0.08% of Crinetics Pharmaceuticals worth $3,967,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of CRNX. Comerica Bank bought a new stake in Crinetics Pharmaceuticals during the first quarter worth about $33,000. Quest Partners LLC bought a new stake in Crinetics Pharmaceuticals during the second quarter worth $42,000. Values First Advisors Inc. bought a new stake in Crinetics Pharmaceuticals during the third quarter worth $84,000. Allspring Global Investments Holdings LLC bought a new stake in Crinetics Pharmaceuticals during the third quarter worth $91,000. Finally, KBC Group NV lifted its stake in Crinetics Pharmaceuticals by 22.8% during the third quarter. KBC Group NV now owns 2,193 shares of the company's stock worth $112,000 after purchasing an additional 407 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on CRNX. HC Wainwright upped their price objective on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. JMP Securities reissued a "market outperform" rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Citigroup increased their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $73.00 price target (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus target price of $70.18.

Crinetics Pharmaceuticals Price Performance

NASDAQ CRNX traded up $0.52 during mid-day trading on Wednesday, reaching $57.11. 594,641 shares of the stock were exchanged, compared to its average volume of 773,470. Crinetics Pharmaceuticals, Inc. has a one year low of $32.56 and a one year high of $62.53. The stock has a 50 day simple moving average of $56.01 and a 200-day simple moving average of $51.95. The stock has a market cap of $5.30 billion, a P/E ratio of -15.31 and a beta of 0.60.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period in the previous year, the company earned ($1.01) earnings per share. Sell-side analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Dana Pizzuti sold 14,375 shares of the business's stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total transaction of $785,306.25. Following the completion of the sale, the insider now owns 28,507 shares in the company, valued at $1,557,337.41. The trade was a 33.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Stephen F. Betz sold 1,035 shares of the business's stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total value of $53,302.50. Following the sale, the insider now owns 68,576 shares of the company's stock, valued at approximately $3,531,664. This represents a 1.49 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 40,911 shares of company stock worth $2,144,675. 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.