Fmr LLC Acquires 4,472,316 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

FMR LLC raised its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 100.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,928,086 shares of the company's stock after buying an additional 4,472,316 shares during the quarter. FMR LLC owned about 9.63% of Crinetics Pharmaceuticals worth $456,493,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Crinetics Pharmaceuticals by 44.6% in the 4th quarter. Vanguard Group Inc. now owns 9,089,391 shares of the company's stock valued at $464,741,000 after buying an additional 2,801,736 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Crinetics Pharmaceuticals by 55.9% during the 4th 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 period. SG Americas Securities LLC lifted its holdings in Crinetics Pharmaceuticals by 4,084.6% during the 4th quarter. SG Americas Securities LLC now owns 542,446 shares of the company's stock worth $27,735,000 after purchasing an additional 529,483 shares in the last quarter. Franklin Resources Inc. boosted its stake in Crinetics Pharmaceuticals by 61.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company's stock worth $73,815,000 after purchasing an additional 528,688 shares during the period. Finally, Geode Capital Management LLC grew its holdings 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 buying an additional 250,708 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company's stock.

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Analysts Set New Price Targets

CRNX has been the topic of a number of recent analyst reports. HC Wainwright reissued a "buy" rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 price target for the company in a research report on Wednesday, January 22nd. TD Cowen began coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They issued a "buy" rating on the stock. Stifel Nicolaus assumed coverage on Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They issued a "buy" rating and a $60.00 target price on the stock. Finally, Wolfe Research began coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They set a "peer perform" rating on the stock. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $73.00.

Crinetics Pharmaceuticals Stock Down 0.8 %

Shares of NASDAQ:CRNX traded down $0.23 on Tuesday, hitting $29.56. The company had a trading volume of 204,906 shares, compared to its average volume of 847,855. The firm's 50-day simple moving average is $33.26 and its two-hundred day simple moving average is $45.40. The firm has a market capitalization of $2.75 billion, a price-to-earnings ratio of -7.92 and a beta of 0.37. Crinetics Pharmaceuticals, Inc. has a 1 year low of $24.10 and a 1 year high of $62.53.

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

Insiders Place Their Bets

In other news, insider Dana Pizzuti sold 2,515 shares of the business's stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $86,013.00. Following the sale, the insider now directly owns 72,233 shares of the company's stock, valued at $2,470,368.60. The trade was a 3.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Richard Scott Struthers sold 17,338 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 $592,959.60. Following the transaction, the chief executive officer now directly owns 329,147 shares of the company's stock, valued at approximately $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 90 days, insiders sold 32,015 shares of company stock worth $1,119,263. 6.00% of the stock is owned by corporate 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.