Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Bought by Prudential Financial Inc.

Prudential Financial Inc. increased its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 60.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 277,370 shares of the company’s stock after purchasing an additional 104,584 shares during the quarter. Prudential Financial Inc. owned about 0.30% of Crinetics Pharmaceuticals worth $14,182,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Venturi Wealth Management LLC acquired a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter worth approximately $41,000. Harvest Fund Management Co. Ltd bought a new stake in Crinetics Pharmaceuticals during the fourth quarter worth approximately $66,000. Advisors Asset Management Inc. lifted its position in Crinetics Pharmaceuticals by 56.1% in the third quarter. Advisors Asset Management Inc. now owns 2,806 shares of the company’s stock worth $143,000 after purchasing an additional 1,008 shares during the period. KBC Group NV boosted its stake in Crinetics Pharmaceuticals by 69.3% during the 4th quarter. KBC Group NV now owns 3,712 shares of the company’s stock valued at $190,000 after purchasing an additional 1,519 shares in the last quarter. Finally, Commerce Bank acquired a new position in shares of Crinetics Pharmaceuticals during the 3rd quarter valued at $212,000. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Performance

NASDAQ CRNX opened at $34.90 on Friday. The firm’s 50 day moving average price is $36.07 and its two-hundred day moving average price is $47.68. Crinetics Pharmaceuticals, Inc. has a twelve month low of $31.84 and a twelve month high of $62.53. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of -9.36 and a beta of 0.58.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.04. On average, research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Insider Activity

In related news, insider Dana Pizzuti sold 2,515 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $86,013.00. Following the transaction, the insider now directly owns 72,233 shares of the company’s stock, valued at approximately $2,470,368.60. The trade was a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Richard Scott Struthers sold 17,338 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 $592,959.60. Following the completion of the sale, the chief executive officer now owns 329,147 shares of the company’s stock, valued at approximately $11,256,827.40. The trade was a 5.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,015 shares of company stock worth $1,119,263 in the last 90 days. Company insiders own 6.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CRNX. TD Cowen began coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They set a “buy” rating for the company. Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Wednesday, January 22nd. Stifel Nicolaus assumed coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday. They issued a “buy” rating and a $60.00 target price on the stock. JMP Securities reissued a “market outperform” rating and set a $87.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. Finally, Wolfe Research assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They issued a “peer perform” rating on the stock. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.00.

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.