Wellington Management Group LLP Acquires 2,490,876 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Wellington Management Group LLP boosted its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 55.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,950,567 shares of the company's stock after acquiring an additional 2,490,876 shares during the period. Wellington Management Group LLP owned approximately 7.47% of Crinetics Pharmaceuticals worth $355,382,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its stake in shares of Crinetics Pharmaceuticals by 9.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 655,418 shares of the company's stock valued at $33,492,000 after buying an additional 58,369 shares during the period. The Manufacturers Life Insurance Company grew its position in Crinetics Pharmaceuticals by 2.3% in the third quarter. The Manufacturers Life Insurance Company now owns 134,087 shares of the company's stock valued at $6,852,000 after purchasing an additional 3,024 shares in the last quarter. FMR LLC raised its stake in shares of Crinetics Pharmaceuticals by 8.8% during the 3rd quarter. FMR LLC now owns 4,455,770 shares of the company's stock worth $227,690,000 after purchasing an additional 358,975 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Crinetics Pharmaceuticals by 134.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 20,942 shares of the company's stock valued at $1,070,000 after purchasing an additional 12,000 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Crinetics Pharmaceuticals by 4.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 271,747 shares of the company's stock valued at $13,886,000 after purchasing an additional 10,767 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company's stock.

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Crinetics Pharmaceuticals Price Performance

NASDAQ CRNX traded down $1.98 during mid-day trading on Friday, hitting $26.89. The stock had a trading volume of 1,211,667 shares, compared to its average volume of 835,481. The stock has a market capitalization of $2.50 billion, a price-to-earnings ratio of -7.21 and a beta of 0.37. Crinetics Pharmaceuticals, Inc. has a twelve month low of $26.48 and a twelve month high of $62.53. The firm's 50 day moving average is $35.19 and its 200 day moving average is $46.71.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.88) EPS for the quarter, topping analysts' consensus estimates of ($0.92) by $0.04. As a group, equities research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. HC Wainwright restated a "buy" rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 price target for the company in a report on Wednesday, January 22nd. Wolfe Research started coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They set a "peer perform" rating on the stock. JMP Securities reissued a "market outperform" rating and issued a $87.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Finally, TD Cowen assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a "buy" rating on the stock. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $73.00.

Insider Transactions at Crinetics Pharmaceuticals

In other news, CEO Richard Scott Struthers sold 17,338 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $592,959.60. Following the sale, the chief executive officer now directly owns 329,147 shares of the company's stock, valued at approximately $11,256,827.40. The trade was a 5.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Dana Pizzuti sold 5,000 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $39.07, for a total value of $195,350.00. Following the sale, the insider now directly owns 31,748 shares in the company, valued at approximately $1,240,394.36. This represents a 13.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,015 shares of company stock worth $1,119,263 over the last ninety days. 6.00% of the stock is currently owned by company insiders.

Crinetics Pharmaceuticals Company 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.