Bank of New York Mellon Corp Boosts Stock Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Bank of New York Mellon Corp increased its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 30.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 386,450 shares of the company's stock after purchasing an additional 89,972 shares during the quarter. Bank of New York Mellon Corp owned 0.49% of Crinetics Pharmaceuticals worth $17,309,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its holdings in shares of Crinetics Pharmaceuticals by 309.2% during the fourth quarter. Victory Capital Management Inc. now owns 184,107 shares of the company's stock valued at $6,551,000 after purchasing an additional 139,117 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Crinetics Pharmaceuticals by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 470,373 shares of the company's stock valued at $16,736,000 after buying an additional 9,070 shares during the last quarter. Trexquant Investment LP lifted its holdings in shares of Crinetics Pharmaceuticals by 205.5% during the 4th quarter. Trexquant Investment LP now owns 22,644 shares of the company's stock valued at $806,000 after buying an additional 15,233 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Crinetics Pharmaceuticals by 197.6% in the 4th quarter. Franklin Resources Inc. now owns 413,209 shares of the company's stock worth $14,702,000 after purchasing an additional 274,384 shares during the last quarter. Finally, TD Asset Management Inc lifted its holdings in Crinetics Pharmaceuticals by 26.5% in the 4th quarter. TD Asset Management Inc now owns 176,426 shares of the company's stock worth $6,277,000 after purchasing an additional 37,000 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, COO Jeff E. Knight sold 956 shares of the company's stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $44.38, for a total value of $42,427.28. Following the completion of the transaction, the chief operating officer now directly owns 52,580 shares of the company's stock, valued at $2,333,500.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 956 shares of the stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $44.38, for a total transaction of $42,427.28. Following the completion of the transaction, the chief operating officer now directly owns 52,580 shares of the company's stock, valued at $2,333,500.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Jeff E. Knight sold 27,000 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $55.00, for a total value of $1,485,000.00. Following the transaction, the chief operating officer now directly owns 51,653 shares of the company's stock, valued at $2,840,915. The disclosure for this sale can be found here. In the last ninety days, insiders sold 170,016 shares of company stock valued at $8,337,942. Corporate insiders own 6.00% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. HC Wainwright boosted their price objective on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the company a "buy" rating in a research report on Friday, August 9th. Piper Sandler reaffirmed an "overweight" rating and set a $97.00 price target on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. JMP Securities reaffirmed a "market outperform" rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a research note on Tuesday, June 4th. Oppenheimer reissued an "outperform" rating and issued a $73.00 target price (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Finally, Robert W. Baird increased their target price on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the company an "outperform" rating in a research note on Thursday, May 23rd. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $64.75.

Crinetics Pharmaceuticals Stock Down 1.2 %

CRNX traded down $0.59 during midday trading on Friday, hitting $50.39. 597,270 shares of the company were exchanged, compared to its average volume of 793,252. The firm has a market capitalization of $3.97 billion, a P/E ratio of -13.33 and a beta of 0.63. The firm's 50 day moving average price is $51.40 and its 200-day moving average price is $47.18. Crinetics Pharmaceuticals, Inc. has a 1-year low of $15.76 and a 1-year high of $55.78.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.94) earnings per share for the quarter, missing analysts' consensus estimates of ($0.86) by ($0.08). The company had revenue of $0.40 million during the quarter, compared to analyst estimates of $0.47 million. The business's revenue for the quarter was down 59.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.94) earnings per share. On average, sell-side analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

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.