Principal Financial Group Inc. Acquires 64,504 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Principal Financial Group Inc. lifted its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 488.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 77,709 shares of the company's stock after acquiring an additional 64,504 shares during the quarter. Principal Financial Group Inc. owned about 0.10% of Crinetics Pharmaceuticals worth $3,971,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. US Bancorp DE raised its holdings in Crinetics Pharmaceuticals by 3.4% during the 3rd quarter. US Bancorp DE now owns 11,488 shares of the company's stock worth $587,000 after buying an additional 373 shares during the period. China Universal Asset Management Co. Ltd. grew its position in Crinetics Pharmaceuticals by 66.1% during the third quarter. China Universal Asset Management Co. Ltd. now owns 15,393 shares of the company's stock valued at $787,000 after purchasing an additional 6,128 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Crinetics Pharmaceuticals by 23.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,895 shares of the company's stock valued at $147,000 after buying an additional 541 shares during the period. Values First Advisors Inc. acquired a new stake in Crinetics Pharmaceuticals during the third quarter valued at $84,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in Crinetics Pharmaceuticals in the third quarter valued at about $91,000. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRNX has been the subject of several recent research reports. Cantor Fitzgerald reissued an "overweight" rating and issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. JMP Securities restated a "market outperform" rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Citigroup lifted their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. Oppenheimer reissued an "outperform" rating and set a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. Finally, HC Wainwright boosted their price target on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $70.18.

Insider Activity

In related news, insider Stephen F. Betz sold 3,000 shares of the company's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $53.19, for a total transaction of $159,570.00. Following the transaction, the insider now owns 69,611 shares in the company, valued at $3,702,609.09. This represents a 4.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Marc Wilson sold 25,000 shares of the business's stock in a transaction dated 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. This represents a 18.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,410 shares of company stock worth $2,275,929. Corporate insiders own 6.00% of the company's stock.

Crinetics Pharmaceuticals Price Performance

Shares of Crinetics Pharmaceuticals stock traded down $0.97 during trading on Friday, hitting $56.06. 1,037,121 shares of the company's stock traded hands, compared to its average volume of 783,880. The company has a market cap of $5.20 billion, a PE ratio of -14.95 and a beta of 0.62. Crinetics Pharmaceuticals, Inc. has a twelve month low of $30.50 and a twelve month high of $62.53. The firm's fifty day moving average price is $55.32 and its 200 day moving average price is $51.50.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.91) by ($0.05). During the same period last year, the business earned ($1.01) earnings per share. As a group, equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.75 earnings per share 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.