Sanders Morris Harris LLC Takes Position in Crinetics Pharmaceuticals, Inc. $CRNX

Sanders Morris Harris LLC purchased a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 21,100 shares of the company’s stock, valued at approximately $879,000.

Several other large investors also recently bought and sold shares of CRNX. PNC Financial Services Group Inc. boosted its stake in shares of Crinetics Pharmaceuticals by 25.4% in the first quarter. PNC Financial Services Group Inc. now owns 3,395 shares of the company’s stock valued at $114,000 after purchasing an additional 688 shares during the period. Swiss National Bank lifted its holdings in Crinetics Pharmaceuticals by 1.5% in the 1st quarter. Swiss National Bank now owns 161,800 shares of the company’s stock worth $5,427,000 after buying an additional 2,400 shares in the last quarter. Nuveen LLC purchased a new position in Crinetics Pharmaceuticals in the 1st quarter valued at about $18,881,000. Russell Investments Group Ltd. increased its position in shares of Crinetics Pharmaceuticals by 386.4% in the 1st quarter. Russell Investments Group Ltd. now owns 166,338 shares of the company’s stock worth $5,579,000 after purchasing an additional 132,138 shares during the last quarter. Finally, Aberdeen Group plc raised its stake in shares of Crinetics Pharmaceuticals by 379.5% in the 1st quarter. Aberdeen Group plc now owns 208,059 shares of the company’s stock valued at $6,978,000 after purchasing an additional 164,670 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, Director Matthew K. Fust sold 16,000 shares of the company’s stock in a transaction on Friday, September 26th. The stock was sold at an average price of $44.75, for a total transaction of $716,000.00. Following the transaction, the director directly owned 22,836 shares of the company’s stock, valued at approximately $1,021,911. The trade was a 41.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dana Pizzuti sold 5,000 shares of the stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $42.66, for a total transaction of $213,300.00. Following the completion of the sale, the insider owned 66,270 shares of the company’s stock, valued at approximately $2,827,078.20. The trade was a 7.02% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 30,000 shares of company stock valued at $1,318,350. 6.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on CRNX. JPMorgan Chase & Co. reduced their target price on Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a report on Wednesday, September 24th. The Goldman Sachs Group raised their price objective on Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, September 26th. Morgan Stanley boosted their target price on shares of Crinetics Pharmaceuticals from $65.00 to $77.00 and gave the company an “overweight” rating in a research note on Monday, September 29th. Oppenheimer increased their target price on shares of Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. Finally, JMP Securities lifted their price target on shares of Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the company a “market outperform” rating in a report on Friday, September 26th. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.55.

Crinetics Pharmaceuticals Stock Performance

NASDAQ CRNX opened at $48.61 on Wednesday. The stock has a market capitalization of $4.61 billion, a P/E ratio of -10.73 and a beta of 0.20. The business’s fifty day moving average is $44.20 and its two-hundred day moving average is $36.49. Crinetics Pharmaceuticals, Inc. has a 1 year low of $24.10 and a 1 year high of $56.15.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Thursday, November 6th. The company reported ($1.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.11). The firm had revenue of $0.14 million during the quarter, compared to the consensus estimate of $0.39 million. During the same quarter in the previous year, the business earned ($0.96) earnings per share. On average, research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 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.