Marshall Wace LLP Invests $6.33 Million in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Marshall Wace LLP acquired a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 141,204 shares of the company's stock, valued at approximately $6,325,000. Marshall Wace LLP owned approximately 0.18% of Crinetics Pharmaceuticals as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Crinetics Pharmaceuticals by 27.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company's stock worth $178,966,000 after buying an additional 814,360 shares in the last quarter. Vanguard Group Inc. raised its stake in Crinetics Pharmaceuticals by 2.1% during the first quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company's stock worth $167,349,000 after acquiring an additional 72,624 shares in the last quarter. Jennison Associates LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 10.6% in the first quarter. Jennison Associates LLC now owns 2,817,854 shares of the company's stock worth $131,904,000 after acquiring an additional 270,171 shares during the last quarter. First Light Asset Management LLC boosted its stake in shares of Crinetics Pharmaceuticals by 25.5% in the 4th quarter. First Light Asset Management LLC now owns 1,987,772 shares of the company's stock valued at $70,725,000 after purchasing an additional 404,443 shares in the last quarter. Finally, Janus Henderson Group PLC grew its holdings in shares of Crinetics Pharmaceuticals by 264.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company's stock valued at $92,526,000 after purchasing an additional 1,434,909 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 14,375 shares of the firm's stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $44.87, for a total transaction of $645,006.25. Following the completion of the sale, the insider now owns 28,507 shares of the company's stock, valued at $1,279,109.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Dana Pizzuti sold 14,375 shares of the business's stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $44.87, for a total transaction of $645,006.25. Following the transaction, the insider now owns 28,507 shares in the company, valued at approximately $1,279,109.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jeff E. Knight sold 27,000 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $55.00, for a total transaction of $1,485,000.00. Following the transaction, the chief operating officer now directly owns 51,653 shares in the company, valued at $2,840,915. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 135,466 shares of company stock valued at $6,989,506. 6.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on CRNX. Piper Sandler restated an "overweight" rating and issued a $97.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. Oppenheimer reiterated an "outperform" rating and issued a $73.00 price target (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. JPMorgan Chase & Co. boosted their price objective on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 9th. JMP Securities reiterated a "market outperform" rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research report on Friday. Finally, HC Wainwright lifted their price target on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the company a "buy" rating in a research note on Friday, August 9th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, Crinetics Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $68.55.

Crinetics Pharmaceuticals Price Performance

Shares of Crinetics Pharmaceuticals stock traded up $0.82 during midday trading on Tuesday, reaching $51.92. The company had a trading volume of 690,281 shares, compared to its average volume of 783,057. The firm has a market cap of $4.09 billion, a PE ratio of -13.74 and a beta of 0.63. The stock has a fifty day moving average price of $52.03 and a 200 day moving average price of $48.45. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $25.35 and a fifty-two week 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) EPS for the quarter, missing analysts' consensus estimates of ($0.86) by ($0.08). The firm had revenue of $0.40 million for the quarter, compared to the consensus estimate of $0.47 million. During the same quarter in the prior year, the company posted ($0.94) earnings per share. The business's revenue was down 59.6% on a year-over-year basis. As a group, sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS for the current 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.