53,012 Shares in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Bought by Nicholas Investment Partners LP

Nicholas Investment Partners LP acquired a new stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 53,012 shares of the company's stock, valued at approximately $2,374,000. Nicholas Investment Partners LP owned approximately 0.07% of Crinetics Pharmaceuticals at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CRNX. Quest Partners LLC acquired a new stake in Crinetics Pharmaceuticals in the second quarter valued at $42,000. Arizona State Retirement System grew its stake in Crinetics Pharmaceuticals by 5.4% in the 2nd quarter. Arizona State Retirement System now owns 18,543 shares of the company's stock valued at $831,000 after acquiring an additional 958 shares during the last quarter. Fiera Capital Corp increased its holdings in Crinetics Pharmaceuticals by 1.0% during the 2nd quarter. Fiera Capital Corp now owns 480,409 shares of the company's stock valued at $21,518,000 after acquiring an additional 4,899 shares in the last quarter. Rhumbline Advisers raised its position in Crinetics Pharmaceuticals by 3.3% during the second quarter. Rhumbline Advisers now owns 112,319 shares of the company's stock worth $5,031,000 after acquiring an additional 3,626 shares during the last quarter. Finally, Natixis Advisors LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 18.4% in the second quarter. Natixis Advisors LLC now owns 32,476 shares of the company's stock valued at $1,455,000 after purchasing an additional 5,052 shares in the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. HC Wainwright raised their price objective on shares of Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a "buy" rating in a research note on Friday, August 9th. JPMorgan Chase & Co. raised their price target on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 9th. Robert W. Baird upped their price objective on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the company an "outperform" rating in a research report on Thursday, May 23rd. Piper Sandler reiterated an "overweight" rating and set a $97.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. Finally, Oppenheimer restated an "outperform" rating and issued a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $66.27.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 32,129 shares of the company's stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $43.61, for a total transaction of $1,401,145.69. Following the completion of the sale, the chief financial officer now directly owns 111,092 shares in the company, valued at $4,844,722.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Dana Pizzuti sold 9,500 shares of the company's stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $45.73, for a total value of $434,435.00. Following the completion of the sale, the insider now owns 27,786 shares of the company's stock, valued at $1,270,653.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Marc Wilson sold 32,129 shares of the firm's stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $43.61, for a total value of $1,401,145.69. Following the sale, the chief financial officer now owns 111,092 shares in the company, valued at $4,844,722.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 168,051 shares of company stock worth $8,259,664. 6.00% of the stock is owned by insiders.

Crinetics Pharmaceuticals Trading Up 1.0 %

Shares of NASDAQ CRNX traded up $0.49 on Thursday, reaching $51.23. 435,217 shares of the company traded hands, compared to its average volume of 787,502. The company has a 50 day moving average of $51.89 and a 200 day moving average of $47.51. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $25.35 and a fifty-two week high of $55.78. The stock has a market capitalization of $4.10 billion, a PE ratio of -13.55 and a beta of 0.63.

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 business had revenue of $0.40 million for the quarter, compared to the consensus estimate of $0.47 million. The firm'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 company posted ($0.94) earnings per share. As a group, research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.72 earnings per share 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.