Vanguard Group Inc. Cuts Holdings in Crinetics Pharmaceuticals, Inc. $CRNX

Vanguard Group Inc. trimmed its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 0.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,170,129 shares of the company’s stock after selling 86,003 shares during the quarter. Vanguard Group Inc. owned about 0.10% of Crinetics Pharmaceuticals worth $381,936,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its holdings in Crinetics Pharmaceuticals by 5.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,952 shares of the company’s stock valued at $248,000 after buying an additional 327 shares in the last quarter. California State Teachers Retirement System boosted its position in shares of Crinetics Pharmaceuticals by 0.6% during the 2nd quarter. California State Teachers Retirement System now owns 75,484 shares of the company’s stock valued at $2,171,000 after acquiring an additional 487 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of Crinetics Pharmaceuticals by 2.0% in the third quarter. Arizona State Retirement System now owns 26,300 shares of the company’s stock valued at $1,095,000 after purchasing an additional 504 shares in the last quarter. E Fund Management Co. Ltd. grew its holdings in shares of Crinetics Pharmaceuticals by 6.1% in the second quarter. E Fund Management Co. Ltd. now owns 10,131 shares of the company’s stock valued at $291,000 after purchasing an additional 586 shares in the last quarter. Finally, Assetmark Inc. increased its position in Crinetics Pharmaceuticals by 3.3% in the second quarter. Assetmark Inc. now owns 18,667 shares of the company’s stock worth $537,000 after purchasing an additional 603 shares during the last quarter. 98.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on CRNX. Morgan Stanley increased their price objective on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, January 6th. The Goldman Sachs Group raised shares of Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price target for the company in a report on Monday, January 12th. Lifesci Capital upgraded Crinetics Pharmaceuticals to a “strong-buy” rating in a research report on Friday, February 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Wednesday, January 21st. Finally, Citizens Jmp lowered their price objective on Crinetics Pharmaceuticals from $108.00 to $105.00 and set a “market outperform” rating for the company in a research note on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Crinetics Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $75.78.

Insider Activity

In related news, insider Isabel Kalofonos sold 2,500 shares of the business’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $55.00, for a total transaction of $137,500.00. Following the completion of the transaction, the insider owned 834 shares in the company, valued at $45,870. The trade was a 74.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.60% of the company’s stock.

Crinetics Pharmaceuticals Trading Up 0.8%

CRNX stock opened at $43.74 on Friday. Crinetics Pharmaceuticals, Inc. has a 12 month low of $24.10 and a 12 month high of $57.99. The stock has a market cap of $4.47 billion, a PE ratio of -9.66 and a beta of 0.19. The company has a 50-day moving average price of $48.97 and a 200 day moving average price of $43.01.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($1.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.37) by $0.08. The firm had revenue of $3.89 million during the quarter, compared to the consensus estimate of $4.32 million. During the same period in the previous year, the business earned ($0.88) EPS. The firm’s revenue for the quarter was up NaN% on a year-over-year basis. Sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Crinetics Pharmaceuticals Profile

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.