Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Sold by abrdn plc

abrdn plc lowered its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 46.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 35,467 shares of the company's stock after selling 30,729 shares during the period. abrdn plc's holdings in Crinetics Pharmaceuticals were worth $1,812,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Driehaus Capital Management LLC raised its position in shares of Crinetics Pharmaceuticals by 17.0% in the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company's stock worth $273,764,000 after acquiring an additional 885,876 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Crinetics Pharmaceuticals by 27.1% in 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 acquiring an additional 814,360 shares during the period. Vanguard Group Inc. increased its stake in shares of 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 purchasing an additional 72,624 shares in the last quarter. Janus Henderson Group PLC increased its stake 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 purchasing an additional 1,434,909 shares in the last quarter. Finally, Artal Group S.A. purchased a new stake in shares of Crinetics Pharmaceuticals during the first quarter worth about $65,088,000. Institutional investors and hedge funds own 98.51% of the company's stock.

Insider Buying and Selling

In related news, CFO Marc Wilson sold 25,000 shares of Crinetics Pharmaceuticals stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the completion of the transaction, the chief financial officer now directly owns 111,092 shares of the company's stock, valued at approximately $5,677,912.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CFO Marc Wilson sold 25,000 shares of Crinetics Pharmaceuticals stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the completion of the transaction, the chief financial officer now directly owns 111,092 shares of the company's stock, valued at approximately $5,677,912.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Stephen F. Betz sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction on Monday, August 26th. The stock was sold at an average price of $53.19, for a total value of $159,570.00. Following the transaction, the insider now directly owns 69,611 shares of the company's stock, valued at approximately $3,702,609.09. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,410 shares of company stock valued at $2,275,929. 6.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CRNX. Cantor Fitzgerald reissued an "overweight" rating and set a $90.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. JPMorgan Chase & Co. boosted their target price on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 9th. HC Wainwright boosted their target price 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. JMP Securities reissued a "market outperform" rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $73.00 price objective (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $68.55.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock traded up $0.42 during midday trading on Tuesday, hitting $57.24. 174,577 shares of the company's stock were exchanged, compared to its average volume of 782,568. Crinetics Pharmaceuticals, Inc. has a 12-month low of $25.75 and a 12-month high of $60.04. The stock has a market cap of $4.58 billion, a price-to-earnings ratio of -15.09 and a beta of 0.62. The firm's 50 day simple moving average is $53.85 and its 200 day simple moving average is $50.35.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing the consensus estimate 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. During the same quarter in the prior year, the firm earned ($0.94) earnings per share. The business's revenue was down 59.6% compared to the same quarter last year. On average, equities research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS 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.