Driehaus Capital Management LLC Increases Stock Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Driehaus Capital Management LLC boosted its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 17.0% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 6,112,173 shares of the company's stock after buying an additional 885,876 shares during the period. Crinetics Pharmaceuticals accounts for approximately 2.6% of Driehaus Capital Management LLC's holdings, making the stock its 2nd biggest position. Driehaus Capital Management LLC owned about 7.75% of Crinetics Pharmaceuticals worth $273,764,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of CRNX. Price T Rowe Associates Inc. MD grew its position in shares of Crinetics Pharmaceuticals by 27.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company's stock worth $178,966,000 after purchasing an additional 814,360 shares in the last quarter. Vanguard Group Inc. grew its holdings in Crinetics Pharmaceuticals by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company's stock valued at $167,349,000 after buying an additional 72,624 shares in the last quarter. Jennison Associates LLC raised its position in shares of Crinetics Pharmaceuticals by 10.6% during the first quarter. Jennison Associates LLC now owns 2,817,854 shares of the company's stock valued at $131,904,000 after buying an additional 270,171 shares during the last quarter. First Light Asset Management LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 25.5% in the fourth quarter. First Light Asset Management LLC now owns 1,987,772 shares of the company's stock worth $70,725,000 after buying an additional 404,443 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in shares of Crinetics Pharmaceuticals by 264.1% during the first quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company's stock worth $92,526,000 after acquiring an additional 1,434,909 shares during the last quarter. 98.51% of the stock is owned by institutional investors.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider James Hassard sold 15,000 shares of the stock in a transaction on Friday, July 5th. The stock was sold at an average price of $44.08, for a total value of $661,200.00. Following the sale, the insider now owns 29,259 shares in the company, valued at $1,289,736.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Crinetics Pharmaceuticals news, insider James Hassard sold 15,000 shares of the business's stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $44.08, for a total value of $661,200.00. Following the completion of the sale, the insider now directly owns 29,259 shares of the company's stock, valued at approximately $1,289,736.72. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Stephen F. Betz sold 1,035 shares of the firm's stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total transaction of $53,302.50. Following the transaction, the insider now directly owns 68,576 shares in the company, valued at $3,531,664. The disclosure for this sale can be found here. Insiders sold a total of 110,466 shares of company stock worth $5,711,756 in the last quarter. 6.00% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Oppenheimer reiterated an "outperform" rating and issued a $73.00 price target (down from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. Piper Sandler reiterated an "overweight" rating and issued a $97.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. Cantor Fitzgerald restated an "overweight" rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. HC Wainwright upped their price objective on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a "buy" rating in a report on Friday, August 9th. Finally, JMP Securities reissued a "market outperform" rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Crinetics Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $68.55.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX traded up $0.17 during midday trading on Friday, hitting $50.75. The stock had a trading volume of 370,615 shares, compared to its average volume of 785,117. The stock's 50 day moving average is $52.08 and its 200 day moving average is $48.31. The firm has a market cap of $4.00 billion, a PE ratio of -13.43 and a beta of 0.63. Crinetics Pharmaceuticals, Inc. has a 1 year low of $25.35 and a 1 year high of $55.78.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $0.47 million. Crinetics Pharmaceuticals'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 earned ($0.94) earnings per share. As a group, equities research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal 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.