Martingale Asset Management L P Purchases New Stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Martingale Asset Management L P purchased a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 22,074 shares of the company's stock, valued at approximately $1,128,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Comerica Bank bought a new stake in shares of Crinetics Pharmaceuticals during the first quarter valued at approximately $33,000. Quest Partners LLC acquired a new position in Crinetics Pharmaceuticals in the second quarter valued at about $42,000. Values First Advisors Inc. bought a new stake in shares of Crinetics Pharmaceuticals during the third quarter worth $84,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Crinetics Pharmaceuticals during the third quarter worth $91,000. Finally, KBC Group NV grew its position in Crinetics Pharmaceuticals by 22.8% in the third quarter. KBC Group NV now owns 2,193 shares of the company's stock valued at $112,000 after purchasing an additional 407 shares in the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, COO Jeff E. Knight sold 501 shares of the business's stock in a transaction that occurred on 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 in the company, valued at approximately $2,919,427.56. The trade was 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, insider Stephen F. Betz sold 1,035 shares of the business's stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total transaction of $53,302.50. Following the transaction, the insider now owns 68,576 shares in the company, valued at $3,531,664. The trade was a 1.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 40,911 shares of company stock valued at $2,144,675 in the last ninety days. 6.00% of the stock is currently owned by insiders.

Crinetics Pharmaceuticals Stock Performance

Shares of Crinetics Pharmaceuticals stock traded up $0.19 during midday trading on Monday, hitting $57.39. 467,263 shares of the company traded hands, compared to its average volume of 776,170. The stock has a market cap of $5.32 billion, a price-to-earnings ratio of -15.34 and a beta of 0.62. The firm's fifty day moving average price is $55.73 and its 200-day moving average price is $51.88. Crinetics Pharmaceuticals, Inc. has a 12 month low of $32.22 and a 12 month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its earnings results 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 period in the previous year, the company earned ($1.01) EPS. Equities research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.75 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CRNX shares. Oppenheimer reissued an "outperform" rating and issued a $73.00 price objective (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. Cantor Fitzgerald reissued an "overweight" rating and issued a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. JMP Securities restated a "market outperform" rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. HC Wainwright raised their target price on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. Finally, Citigroup lifted their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price 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.