JPMorgan Chase & Co. Cuts Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

JPMorgan Chase & Co. trimmed its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 5.7% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 269,543 shares of the company's stock after selling 16,413 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.29% of Crinetics Pharmaceuticals worth $13,782,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp increased its stake in Crinetics Pharmaceuticals by 0.9% during the third quarter. State Street Corp now owns 2,838,484 shares of the company's stock worth $145,047,000 after acquiring an additional 25,561 shares during the last quarter. Barclays PLC raised its holdings in Crinetics Pharmaceuticals by 75.5% in the 3rd quarter. Barclays PLC now owns 207,712 shares of the company's stock valued at $10,614,000 after buying an additional 89,358 shares during the period. Geode Capital Management LLC lifted its position in Crinetics Pharmaceuticals by 10.1% in the third quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company's stock valued at $94,458,000 after buying an additional 169,746 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Crinetics Pharmaceuticals by 61.4% during the third quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company's stock valued at $73,815,000 after acquiring an additional 528,688 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Crinetics Pharmaceuticals by 488.5% in the 3rd quarter. Principal Financial Group Inc. now owns 77,709 shares of the company's stock valued at $3,971,000 after acquiring an additional 64,504 shares during the period. Hedge funds and other institutional investors own 98.51% of the company's stock.

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Insider Buying and Selling

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

Wall Street Analyst Weigh In

A number of analysts have issued reports on CRNX shares. JMP Securities reissued a "market outperform" rating and issued a $87.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Stifel Nicolaus started coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They set a "buy" rating and a $60.00 price target on the stock. Wolfe Research started coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They set a "peer perform" rating on the stock. HC Wainwright reaffirmed a "buy" rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. Finally, Jefferies Financial Group raised Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 target price 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 given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.

Crinetics Pharmaceuticals Stock Performance

CRNX stock traded down $0.12 during trading on Tuesday, reaching $29.66. 544,923 shares of the company were exchanged, compared to its average volume of 849,170. The stock's 50 day moving average price is $33.26 and its 200 day moving average price is $45.40. Crinetics Pharmaceuticals, Inc. has a 52-week low of $24.10 and a 52-week high of $62.53. The company has a market cap of $2.76 billion, a P/E ratio of -7.95 and a beta of 0.37.

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, beating the consensus estimate of ($0.92) by $0.04. As a group, equities research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

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.