Charles Schwab Investment Management Inc. Raises Stock Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Charles Schwab Investment Management Inc. increased its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 9.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 655,418 shares of the company's stock after buying an additional 58,369 shares during the period. Charles Schwab Investment Management Inc. owned about 0.82% of Crinetics Pharmaceuticals worth $33,492,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. SG Americas Securities LLC increased its holdings in Crinetics Pharmaceuticals by 1,224.8% during the second quarter. SG Americas Securities LLC now owns 79,051 shares of the company's stock worth $3,541,000 after buying an additional 73,084 shares during the last quarter. Driehaus Capital Management LLC increased its stake in shares of Crinetics Pharmaceuticals by 17.0% in the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company's stock worth $273,764,000 after purchasing an additional 885,876 shares in the last quarter. Jennison Associates LLC increased its stake in shares of Crinetics Pharmaceuticals by 0.5% in the third quarter. Jennison Associates LLC now owns 2,793,614 shares of the company's stock worth $142,754,000 after purchasing an additional 13,470 shares in the last quarter. First Turn Management LLC purchased a new position in shares of Crinetics Pharmaceuticals in the second quarter worth about $16,541,000. Finally, Nicholas Investment Partners LP purchased a new position in shares of Crinetics Pharmaceuticals in the second quarter worth about $2,374,000. Hedge funds and other institutional investors own 98.51% of the company's stock.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock traded up $0.52 during mid-day trading on Wednesday, hitting $57.11. 594,591 shares of the company traded hands, 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 market cap of $5.30 billion, a price-to-earnings ratio of -15.31 and a beta of 0.60. The stock has a fifty day moving average price of $56.01 and a 200-day moving average price of $51.95.

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

Insider Transactions at Crinetics Pharmaceuticals

In other news, CFO Marc Wilson sold 25,000 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 111,092 shares in the company, valued at approximately $5,677,912.12. The trade was a 18.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Jeff E. Knight sold 501 shares of the business's stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $56.52, for a total transaction of $28,316.52. Following the completion of the sale, the chief operating officer now owns 51,653 shares of the company's stock, valued at approximately $2,919,427.56. The trade was a 0.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 40,911 shares of company stock worth $2,144,675. 6.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

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

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.