101,196 Shares in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Bought by abrdn plc

abrdn plc bought a new position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 101,196 shares of the company’s stock, valued at approximately $3,601,000. abrdn plc owned 0.15% of Crinetics Pharmaceuticals at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. grew its position in shares of Crinetics Pharmaceuticals by 98.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,403 shares of the company’s stock valued at $42,000 after purchasing an additional 695 shares during the last quarter. HighMark Wealth Management LLC acquired a new stake in Crinetics Pharmaceuticals in the 4th quarter valued at approximately $151,000. Amalgamated Bank increased its position in Crinetics Pharmaceuticals by 10.4% in the 3rd quarter. Amalgamated Bank now owns 6,298 shares of the company’s stock worth $187,000 after buying an additional 592 shares during the period. Kestra Advisory Services LLC bought a new position in Crinetics Pharmaceuticals in the 3rd quarter worth approximately $221,000. Finally, Hudson Bay Capital Management LP acquired a new position in shares of Crinetics Pharmaceuticals during the third quarter worth approximately $223,000. Institutional investors own 98.51% of the company’s stock.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 6,942 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $42.91, for a total transaction of $297,881.22. Following the sale, the chief financial officer now directly owns 110,630 shares of the company’s stock, valued at $4,747,133.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Marc Wilson sold 6,942 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $42.91, for a total value of $297,881.22. Following the completion of the transaction, the chief financial officer now owns 110,630 shares in the company, valued at $4,747,133.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew K. Fust sold 60,000 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $44.14, for a total value of $2,648,400.00. Following the sale, the director now owns 18,536 shares in the company, valued at $818,179.04. The disclosure for this sale can be found here. Insiders sold 187,216 shares of company stock valued at $8,509,397 in the last ninety days. Insiders own 7.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on CRNX shares. Jonestrading boosted their target price on shares of Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. HC Wainwright reiterated a “buy” rating and issued a $50.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, March 19th. Robert W. Baird boosted their price target on Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. Oppenheimer upped their price target on Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Wednesday, March 20th. Finally, Morgan Stanley began coverage on Crinetics Pharmaceuticals in a report on Tuesday, January 16th. They set an “overweight” rating and a $50.00 price objective on the stock. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Crinetics Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX stock opened at $42.12 on Monday. The stock’s fifty day simple moving average is $43.00 and its 200 day simple moving average is $36.74. Crinetics Pharmaceuticals, Inc. has a one year low of $15.76 and a one year high of $49.58. The firm has a market cap of $2.93 billion, a price-to-earnings ratio of -11.38 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Wednesday, February 28th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 4,223.27% and a negative return on equity of 52.93%. During the same period in the prior year, the firm earned ($0.84) EPS. The firm’s revenue for the quarter was down 100.0% on a year-over-year basis. On average, research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.34 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.