Franklin Resources Inc. Boosts Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Franklin Resources Inc. increased its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 14.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,591,666 shares of the company's stock after buying an additional 201,556 shares during the period. Franklin Resources Inc. owned 1.72% of Crinetics Pharmaceuticals worth $81,382,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of CRNX. Alliancebernstein L.P. raised its position in shares of Crinetics Pharmaceuticals by 9.9% in the 4th quarter. Alliancebernstein L.P. now owns 101,720 shares of the company's stock worth $5,201,000 after acquiring an additional 9,190 shares in the last quarter. Wellington Management Group LLP increased its holdings in Crinetics Pharmaceuticals by 55.9% in the fourth quarter. Wellington Management Group LLP now owns 6,950,567 shares of the company's stock worth $355,382,000 after purchasing an additional 2,490,876 shares in the last quarter. Schroder Investment Management Group acquired a new position in Crinetics Pharmaceuticals in the fourth quarter valued at approximately $1,488,000. NEOS Investment Management LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 0.9% during the 4th quarter. NEOS Investment Management LLC now owns 57,933 shares of the company's stock worth $2,962,000 after buying an additional 544 shares in the last quarter. Finally, Pier Capital LLC grew its position in shares of Crinetics Pharmaceuticals by 3.4% during the 4th quarter. Pier Capital LLC now owns 111,999 shares of the company's stock worth $5,727,000 after buying an additional 3,638 shares during the period. Institutional investors and hedge funds own 98.51% of the company's stock.

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Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, CEO Richard Scott Struthers sold 17,338 shares of the stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $592,959.60. Following the completion of the transaction, the chief executive officer now owns 329,147 shares in the company, valued at approximately $11,256,827.40. This represents a 5.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dana Pizzuti sold 2,515 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $86,013.00. Following the completion of the sale, the insider now directly owns 72,233 shares in the company, valued at approximately $2,470,368.60. This represents a 3.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,015 shares of company stock worth $1,119,263. Insiders own 6.00% of the company's stock.

Crinetics Pharmaceuticals Stock Up 1.5 %

NASDAQ CRNX traded up $0.41 on Tuesday, reaching $26.79. The company had a trading volume of 327,468 shares, compared to its average volume of 835,951. The company's fifty day moving average is $34.95 and its 200 day moving average is $46.52. Crinetics Pharmaceuticals, Inc. has a 52-week low of $24.71 and a 52-week high of $62.53. The stock has a market capitalization of $2.49 billion, a P/E ratio of -7.18 and a beta of 0.37.

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

Analysts Set New Price Targets

A number of research firms recently issued reports on CRNX. TD Cowen assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a "buy" rating on the stock. Wolfe Research assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They set a "peer perform" rating on the stock. JMP Securities reaffirmed a "market outperform" rating and issued a $87.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. HC Wainwright reaffirmed a "buy" rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Finally, Jefferies Financial Group raised 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 research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $73.00.

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.