Geode Capital Management LLC Boosts Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Geode Capital Management LLC increased its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 13.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,098,841 shares of the company’s stock after purchasing an additional 250,708 shares during the period. Geode Capital Management LLC owned 2.26% of Crinetics Pharmaceuticals worth $107,339,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC purchased a new position in Crinetics Pharmaceuticals in the 4th quarter worth approximately $41,000. Harvest Fund Management Co. Ltd purchased a new position in Crinetics Pharmaceuticals in the 4th quarter worth approximately $66,000. KBC Group NV lifted its holdings in Crinetics Pharmaceuticals by 69.3% in the 4th quarter. KBC Group NV now owns 3,712 shares of the company’s stock worth $190,000 after purchasing an additional 1,519 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in Crinetics Pharmaceuticals by 13.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company’s stock worth $254,000 after purchasing an additional 600 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its holdings in Crinetics Pharmaceuticals by 19.5% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 5,038 shares of the company’s stock worth $258,000 after purchasing an additional 822 shares in the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 2,515 shares of the company’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $86,013.00. Following the completion of the sale, the insider now directly owns 72,233 shares in the company, valued at approximately $2,470,368.60. This represents a 3.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Richard Scott Struthers sold 17,338 shares of the company’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value 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 $11,256,827.40. This represents a 5.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,015 shares of company stock valued at $1,119,263 in the last quarter. 6.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CRNX has been the topic of a number of research reports. TD Cowen initiated coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. HC Wainwright reaffirmed a “buy” rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Jefferies Financial Group raised Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research note on Wednesday, January 22nd. Finally, Stifel Nicolaus initiated coverage on Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They issued a “buy” rating and a $60.00 price objective on the stock. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Crinetics Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $73.00.

Crinetics Pharmaceuticals Stock Up 8.2 %

Shares of Crinetics Pharmaceuticals stock opened at $27.66 on Thursday. The stock’s fifty day moving average is $33.92 and its two-hundred day moving average is $45.89. The company has a market capitalization of $2.57 billion, a PE ratio of -7.42 and a beta of 0.37. Crinetics Pharmaceuticals, Inc. has a 52 week low of $24.10 and a 52 week high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.88) EPS for the quarter, beating the consensus estimate of ($0.92) by $0.04. As a group, research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current 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.