Cibc World Markets Corp Takes Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Cibc World Markets Corp bought a new stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) during the 4th quarter, Holdings Channel reports. The fund bought 8,206 shares of the company’s stock, valued at approximately $420,000.

Several other hedge funds have also recently made changes to their positions in CRNX. Natixis Advisors LLC increased its stake in shares of Crinetics Pharmaceuticals by 36.6% during the third quarter. Natixis Advisors LLC now owns 44,346 shares of the company’s stock valued at $2,266,000 after buying an additional 11,870 shares during the period. Swiss National Bank increased its stake in shares of Crinetics Pharmaceuticals by 0.5% during the third quarter. Swiss National Bank now owns 130,900 shares of the company’s stock valued at $6,689,000 after buying an additional 600 shares during the period. Commerce Bank purchased a new position in shares of Crinetics Pharmaceuticals during the third quarter valued at approximately $212,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Crinetics Pharmaceuticals by 2.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company’s stock valued at $1,054,000 after buying an additional 505 shares during the period. Finally, Advisors Asset Management Inc. increased its stake in shares of Crinetics Pharmaceuticals by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 2,806 shares of the company’s stock valued at $143,000 after buying an additional 1,008 shares during the period. 98.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. HC Wainwright reissued a “buy” rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. 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 report on Wednesday, January 22nd. Wolfe Research started coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They set a “peer perform” rating on the stock. TD Cowen started coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating on the stock. Finally, JMP Securities restated a “market outperform” rating and set a $87.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $74.30.

Crinetics Pharmaceuticals Trading Up 0.3 %

Crinetics Pharmaceuticals stock opened at $34.42 on Monday. The business’s fifty day simple moving average is $36.22 and its two-hundred day simple moving average is $48.07. Crinetics Pharmaceuticals, Inc. has a 12 month low of $31.84 and a 12 month high of $62.53. The company has a market capitalization of $3.20 billion, a price-to-earnings ratio of -9.23 and a beta of 0.58.

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

Insider Activity

In other news, insider Dana Pizzuti sold 5,000 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $39.07, for a total transaction of $195,350.00. Following the transaction, the insider now directly owns 31,748 shares of the company’s stock, valued at $1,240,394.36. This represents a 13.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Richard Scott Struthers sold 17,338 shares of the company’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $592,959.60. Following the transaction, the chief executive officer now directly owns 329,147 shares in the company, valued at approximately $11,256,827.40. The trade was a 5.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,015 shares of company stock valued at $1,119,263 over the last ninety days. 6.00% of the stock is currently owned by corporate insiders.

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.