Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Purchased by Price T Rowe Associates Inc. MD

Price T Rowe Associates Inc. MD boosted its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 27.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,823,218 shares of the company’s stock after purchasing an additional 814,360 shares during the period. Price T Rowe Associates Inc. MD owned approximately 4.85% of Crinetics Pharmaceuticals worth $178,966,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CRNX. Quarry LP bought a new position in shares of Crinetics Pharmaceuticals in the fourth quarter valued at $36,000. AJOVista LLC acquired a new stake in Crinetics Pharmaceuticals during the 4th quarter valued at $58,000. HighMark Wealth Management LLC acquired a new stake in Crinetics Pharmaceuticals during the 4th quarter valued at $151,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Crinetics Pharmaceuticals in the first quarter worth $200,000. Finally, RWA Wealth Partners LLC acquired a new position in shares of Crinetics Pharmaceuticals in the fourth quarter worth $203,000. Institutional investors own 98.51% of the company’s stock.

Insider Activity

In related news, CEO Richard Scott Struthers sold 107,448 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $49.40, for a total value of $5,307,931.20. Following the transaction, the chief executive officer now owns 257,485 shares in the company, valued at approximately $12,719,759. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $47.49, for a total transaction of $142,470.00. Following the transaction, the insider now owns 86,643 shares in the company, valued at approximately $4,114,676.07. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Richard Scott Struthers sold 107,448 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $49.40, for a total transaction of $5,307,931.20. Following the transaction, the chief executive officer now owns 257,485 shares in the company, valued at approximately $12,719,759. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 280,464 shares of company stock valued at $13,777,063. 6.00% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently issued reports on CRNX. Robert W. Baird increased their price target on shares of Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the stock an “outperform” rating in a research report on Thursday, May 23rd. Piper Sandler reissued an “overweight” rating and set a $97.00 price target on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. Morgan Stanley increased their price target on shares of Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. HC Wainwright reaffirmed a “buy” rating and set a $60.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday, June 28th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a report on Tuesday, June 4th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $64.08.

Crinetics Pharmaceuticals Price Performance

NASDAQ:CRNX traded down $1.08 on Monday, hitting $53.28. 113,493 shares of the company’s stock were exchanged, compared to its average volume of 842,864. The firm has a 50-day moving average price of $47.88 and a 200-day moving average price of $44.16. Crinetics Pharmaceuticals, Inc. has a 52 week low of $15.76 and a 52 week high of $55.78. The company has a market cap of $4.20 billion, a P/E ratio of -14.38 and a beta of 0.68.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Thursday, May 9th. The company reported ($0.93) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.09). The firm had revenue of $0.64 million for the quarter, compared to the consensus estimate of $0.20 million. The business’s revenue for the quarter was down 76.1% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.85) earnings per share. On average, research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.54 earnings per share for the current fiscal year.

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.