Bank of America Corp DE Cuts Stock Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Bank of America Corp DE decreased its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 15.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 235,281 shares of the company’s stock after selling 42,792 shares during the period. Bank of America Corp DE’s holdings in Crinetics Pharmaceuticals were worth $12,030,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Ameriprise Financial Inc. grew its holdings in shares of Crinetics Pharmaceuticals by 110.8% during the fourth quarter. Ameriprise Financial Inc. now owns 355,174 shares of the company’s stock valued at $18,159,000 after buying an additional 186,681 shares during the last quarter. Allostery Investments LP purchased a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter valued at approximately $496,000. Northern Trust Corp grew its holdings in shares of Crinetics Pharmaceuticals by 20.4% during the fourth quarter. Northern Trust Corp now owns 879,814 shares of the company’s stock valued at $44,985,000 after buying an additional 149,298 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Crinetics Pharmaceuticals by 11.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 148,956 shares of the company’s stock valued at $7,616,000 after buying an additional 14,869 shares during the last quarter. Finally, Decheng Capital LLC grew its holdings in shares of Crinetics Pharmaceuticals by 6.3% during the fourth quarter. Decheng Capital LLC now owns 167,958 shares of the company’s stock valued at $8,588,000 after buying an additional 10,000 shares during the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Trading Up 0.5%

Shares of CRNX stock opened at $30.11 on Friday. Crinetics Pharmaceuticals, Inc. has a 12-month low of $24.10 and a 12-month high of $62.53. The firm’s 50 day moving average is $31.37 and its 200 day moving average is $40.95. The stock has a market capitalization of $2.82 billion, a P/E ratio of -8.07 and a beta of 0.31.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Thursday, May 8th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.99) by ($0.05). The company had revenue of $0.36 million for the quarter, compared to the consensus estimate of $0.10 million. During the same quarter in the prior year, the company earned ($0.93) EPS. The company’s revenue was down 43.6% compared to the same quarter last year. As a group, equities analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 17,338 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $592,959.60. Following the transaction, the chief executive officer now directly owns 329,147 shares in the company, valued at approximately $11,256,827.40. This trade represents a 5.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jeff E. Knight sold 7,162 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $244,940.40. Following the completion of the transaction, the chief operating officer now owns 87,491 shares in the company, valued at $2,992,192.20. The trade was a 7.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,015 shares of company stock worth $923,913. Company insiders own 4.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CRNX shares. Stifel Nicolaus started coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They set a “buy” rating and a $60.00 price target on the stock. Wolfe Research started coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They set a “peer perform” rating on the stock. Finally, TD Cowen assumed coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $73.00.

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.