Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Acquired by Franklin Resources Inc.

Franklin Resources Inc. grew its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 61.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,390,110 shares of the company's stock after acquiring an additional 528,688 shares during the period. Franklin Resources Inc. owned 1.50% of Crinetics Pharmaceuticals worth $73,815,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CRNX. AQR Capital Management LLC lifted its stake in Crinetics Pharmaceuticals by 3.3% in the second quarter. AQR Capital Management LLC now owns 7,126 shares of the company's stock worth $319,000 after acquiring an additional 227 shares during the period. US Bancorp DE lifted its position in shares of Crinetics Pharmaceuticals by 3.4% in the 3rd quarter. US Bancorp DE now owns 11,488 shares of the company's stock worth $587,000 after purchasing an additional 373 shares during the period. KBC Group NV lifted its position in shares of Crinetics Pharmaceuticals by 22.8% in the 3rd 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 period. Amalgamated Bank boosted its stake in shares of Crinetics Pharmaceuticals by 20.8% during the second quarter. Amalgamated Bank now owns 2,692 shares of the company's stock valued at $121,000 after purchasing an additional 464 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in Crinetics Pharmaceuticals by 2.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company's stock valued at $1,054,000 after buying an additional 505 shares during the period. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Stock Up 1.4 %

Shares of Crinetics Pharmaceuticals stock traded up $0.74 during midday trading on Tuesday, hitting $55.37. The company had a trading volume of 1,032,592 shares, compared to its average volume of 773,169. The company has a fifty day simple moving average of $56.91 and a 200 day simple moving average of $52.51. The stock has a market cap of $5.13 billion, a price-to-earnings ratio of -14.84 and a beta of 0.60. Crinetics Pharmaceuticals, Inc. has a 12-month low of $32.92 and a 12-month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing analysts' consensus estimates of ($0.91) by ($0.05). During the same quarter in the previous year, the firm earned ($1.01) EPS. As a group, analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.75 EPS for the current year.

Analyst Ratings Changes

Several analysts have issued reports on the company. HC Wainwright increased their target price on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Citigroup lifted their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. Finally, JMP Securities reissued a "market outperform" rating and set a $87.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $70.82.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 501 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $56.52, for a total transaction of $28,316.52. Following the sale, the chief operating officer now directly owns 51,653 shares of the company's stock, valued at approximately $2,919,427.56. This trade represents a 0.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Marc Wilson sold 25,000 shares of Crinetics Pharmaceuticals stock in a transaction dated 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 transaction, the chief financial officer now owns 111,092 shares of the company's stock, valued at $5,677,912.12. The trade was a 18.37 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 39,876 shares of company stock worth $2,091,373. 6.00% of the stock is currently owned by 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.