Prudential Financial Inc. Acquires 104,584 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Prudential Financial Inc. grew its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 60.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 277,370 shares of the company’s stock after purchasing an additional 104,584 shares during the quarter. Prudential Financial Inc.’s holdings in Crinetics Pharmaceuticals were worth $14,182,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CRNX. Commerce Bank acquired a new stake in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at $212,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Crinetics Pharmaceuticals by 2.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company’s stock worth $1,054,000 after buying an additional 505 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Crinetics Pharmaceuticals by 56.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 2,806 shares of the company’s stock worth $143,000 after acquiring an additional 1,008 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of Crinetics Pharmaceuticals during the 3rd quarter valued at about $1,142,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Crinetics Pharmaceuticals by 9.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 655,418 shares of the company’s stock valued at $33,492,000 after acquiring an additional 58,369 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Up 1.1 %

Crinetics Pharmaceuticals stock opened at $34.90 on Friday. The business has a 50 day moving average price of $36.07 and a two-hundred day moving average price of $47.68. Crinetics Pharmaceuticals, Inc. has a 12 month low of $31.84 and a 12 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 released its quarterly earnings data on Thursday, February 27th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.04. On average, analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 17,338 shares of Crinetics Pharmaceuticals 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 sale, the chief executive officer now directly 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dana Pizzuti sold 2,515 shares of the company’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 value of $86,013.00. Following the completion of the sale, the insider now owns 72,233 shares in the company, valued at approximately $2,470,368.60. This represents a 3.36 % 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 90 days. 6.00% of the stock is currently owned by company insiders.

Crinetics Pharmaceuticals 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.