Lord Abbett & CO. LLC Decreases Stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Lord Abbett & CO. LLC trimmed its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 16.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 746,118 shares of the company's stock after selling 141,803 shares during the period. Lord Abbett & CO. LLC owned approximately 0.80% of Crinetics Pharmaceuticals worth $38,127,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. Comerica Bank acquired a new position in Crinetics Pharmaceuticals in the 1st quarter worth about $33,000. Hennion & Walsh Asset Management Inc. boosted its position in Crinetics Pharmaceuticals by 8.6% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 41,344 shares of the company's stock worth $1,852,000 after buying an additional 3,257 shares during the period. Calamos Advisors LLC grew its holdings in Crinetics Pharmaceuticals by 46.0% during the 2nd quarter. Calamos Advisors LLC now owns 42,336 shares of the company's stock worth $1,896,000 after acquiring an additional 13,336 shares during the last quarter. Bank of New York Mellon Corp increased its position in Crinetics Pharmaceuticals by 30.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 386,450 shares of the company's stock valued at $17,309,000 after acquiring an additional 89,972 shares during the period. Finally, Legato Capital Management LLC increased its position in Crinetics Pharmaceuticals by 92.5% in the 2nd quarter. Legato Capital Management LLC now owns 19,015 shares of the company's stock valued at $852,000 after acquiring an additional 9,135 shares during the period. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Dana Pizzuti sold 14,375 shares of the company's stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total value of $785,306.25. Following the sale, the insider now owns 28,507 shares in the company, valued at $1,557,337.41. This represents a 33.52 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Jeff E. Knight sold 501 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $56.52, for a total value of $28,316.52. Following the transaction, the chief operating officer now owns 51,653 shares of the company's stock, valued at $2,919,427.56. This trade represents a 0.96 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,876 shares of company stock valued at $2,091,373. 6.00% of the stock is owned by company insiders.

Crinetics Pharmaceuticals Price Performance

Shares of Crinetics Pharmaceuticals stock traded down $1.96 during trading on Friday, reaching $53.66. 748,842 shares of the company traded hands, compared to its average volume of 770,367. The firm has a market capitalization of $4.98 billion, a PE ratio of -14.39 and a beta of 0.60. Crinetics Pharmaceuticals, Inc. has a 1-year low of $32.92 and a 1-year high of $62.53. The company has a 50 day moving average price of $56.85 and a 200-day moving average price of $52.45.

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 the consensus estimate of ($0.91) by ($0.05). During the same quarter in the previous year, the business posted ($1.01) EPS. Equities research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CRNX has been the topic of several analyst reports. Cantor Fitzgerald reissued an "overweight" rating and issued a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. JMP Securities reissued a "market outperform" rating and issued a $80.00 price target on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Citigroup lifted their price objective on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. Finally, HC Wainwright increased their target price on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently 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.