Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Sold by Arizona State Retirement System

Arizona State Retirement System trimmed its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 1.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,789 shares of the company’s stock after selling 281 shares during the period. Arizona State Retirement System’s holdings in Crinetics Pharmaceuticals were worth $526,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CRNX. FMR LLC grew its holdings in Crinetics Pharmaceuticals by 97.7% during the third quarter. FMR LLC now owns 2,140,861 shares of the company’s stock worth $63,669,000 after acquiring an additional 1,057,947 shares during the period. Jennison Associates LLC grew its holdings in Crinetics Pharmaceuticals by 210.7% during the third quarter. Jennison Associates LLC now owns 1,433,691 shares of the company’s stock worth $42,638,000 after acquiring an additional 972,194 shares during the period. Vanguard Group Inc. grew its holdings in Crinetics Pharmaceuticals by 24.7% during the third quarter. Vanguard Group Inc. now owns 3,407,035 shares of the company’s stock worth $101,325,000 after acquiring an additional 674,301 shares during the period. BlackRock Inc. grew its holdings in Crinetics Pharmaceuticals by 16.3% during the second quarter. BlackRock Inc. now owns 4,600,486 shares of the company’s stock worth $82,901,000 after acquiring an additional 644,128 shares during the period. Finally, Avidity Partners Management LP acquired a new stake in Crinetics Pharmaceuticals during the third quarter worth about $18,141,000. 98.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Stephen F. Betz sold 3,000 shares of the business’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $37.26, for a total transaction of $111,780.00. Following the completion of the transaction, the insider now directly owns 73,298 shares of the company’s stock, valued at approximately $2,731,083.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Crinetics Pharmaceuticals news, Director Matthew K. Fust sold 60,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $44.14, for a total transaction of $2,648,400.00. Following the completion of the sale, the director now directly owns 18,536 shares of the company’s stock, valued at approximately $818,179.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephen F. Betz sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $37.26, for a total value of $111,780.00. Following the sale, the insider now directly owns 73,298 shares of the company’s stock, valued at $2,731,083.48. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 190,216 shares of company stock valued at $8,621,177. 7.00% of the stock is currently owned by corporate insiders.

Crinetics Pharmaceuticals Stock Down 0.1 %

CRNX stock opened at $42.97 on Friday. The business has a fifty day moving average of $42.42 and a two-hundred day moving average of $36.10. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of -11.61 and a beta of 0.63. Crinetics Pharmaceuticals, Inc. has a 52-week low of $15.76 and a 52-week high of $49.58.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Wednesday, February 28th. The company reported ($0.90) earnings per share 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 last year, the firm earned ($0.84) earnings per share. Crinetics Pharmaceuticals’s revenue was down 100.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.34 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CRNX shares. Oppenheimer increased their price target on Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 20th. JMP Securities reiterated a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a research report on Thursday, March 28th. Cantor Fitzgerald increased their price target on Crinetics Pharmaceuticals from $50.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th. Robert W. Baird raised their target price on Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Finally, Citigroup started coverage on Crinetics Pharmaceuticals in a research report on Wednesday, March 6th. They issued a “buy” rating and a $68.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.17.

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.