MetLife Investment Management LLC Buys 8,085 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

MetLife Investment Management LLC boosted its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 18.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 53,020 shares of the company’s stock after purchasing an additional 8,085 shares during the quarter. MetLife Investment Management LLC’s holdings in Crinetics Pharmaceuticals were worth $2,711,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CRNX. Barclays PLC boosted its stake in Crinetics Pharmaceuticals by 75.5% in the 3rd quarter. Barclays PLC now owns 207,712 shares of the company’s stock worth $10,614,000 after purchasing an additional 89,358 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of Crinetics Pharmaceuticals by 61.4% in the third quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock worth $73,815,000 after buying an additional 528,688 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter valued at $818,000. SG Americas Securities LLC increased its position in shares of Crinetics Pharmaceuticals by 4,084.6% in the 4th quarter. SG Americas Securities LLC now owns 542,446 shares of the company’s stock valued at $27,735,000 after acquiring an additional 529,483 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Crinetics Pharmaceuticals by 0.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 285,956 shares of the company’s stock valued at $14,612,000 after acquiring an additional 894 shares during the period. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Stock Performance

CRNX opened at $32.39 on Monday. The company has a fifty day moving average of $32.39 and a two-hundred day moving average of $44.08. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of -8.68 and a beta of 0.37. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $24.10 and a fifty-two week high of $62.53.

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

Analyst Ratings Changes

CRNX has been the topic of several research analyst reports. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research note on Wednesday, January 22nd. TD Cowen began coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They issued a “buy” rating on the stock. Wolfe Research initiated coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They set a “peer perform” rating for the company. Stifel Nicolaus assumed coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They issued a “buy” rating and a $60.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.00.

Insider Activity

In related news, CEO Richard Scott Struthers sold 17,338 shares of the company’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $592,959.60. Following the completion of the transaction, the chief executive officer now owns 329,147 shares in the company, valued at $11,256,827.40. This represents a 5.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jeff E. Knight sold 7,162 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $244,940.40. Following the completion of the sale, the chief operating officer now owns 87,491 shares in the company, valued at approximately $2,992,192.20. The trade was a 7.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,015 shares of company stock worth $1,119,263 over the last three months. 6.00% of the stock is currently owned by corporate insiders.

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.