Ameriprise Financial Inc. Purchases 186,681 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Ameriprise Financial Inc. raised its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 110.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 355,174 shares of the company’s stock after buying an additional 186,681 shares during the quarter. Ameriprise Financial Inc. owned about 0.38% of Crinetics Pharmaceuticals worth $18,159,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Barclays PLC increased its holdings in Crinetics Pharmaceuticals by 75.5% in the 3rd quarter. Barclays PLC now owns 207,712 shares of the company’s stock valued at $10,614,000 after buying an additional 89,358 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter valued at approximately $818,000. SG Americas Securities LLC boosted its stake 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 purchasing an additional 529,483 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of Crinetics Pharmaceuticals by 9.9% in the 4th quarter. Alliancebernstein L.P. now owns 101,720 shares of the company’s stock valued at $5,201,000 after purchasing an additional 9,190 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Crinetics Pharmaceuticals by 16.8% in the 4th quarter. Invesco Ltd. now owns 298,254 shares of the company’s stock valued at $15,250,000 after purchasing an additional 42,954 shares in the last quarter. 98.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. TD Cowen assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating on the stock. Jefferies Financial Group upgraded shares of 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. Stifel Nicolaus assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They issued a “buy” rating and a $60.00 price target on the stock. Finally, Wolfe Research assumed coverage on shares of Crinetics Pharmaceuticals in a research note 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Crinetics Pharmaceuticals Price Performance

NASDAQ:CRNX opened at $31.21 on Friday. The firm’s 50 day simple moving average is $31.79 and its 200 day simple moving average is $41.83. Crinetics Pharmaceuticals, Inc. has a one year low of $24.10 and a one year high of $62.53. The company has a market cap of $2.92 billion, a PE ratio of -8.37 and a beta of 0.31.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Thursday, May 8th. The company reported ($1.04) EPS for the quarter, missing the consensus estimate of ($0.99) by ($0.05). The company had revenue of $0.36 million for the quarter, compared to analyst estimates of $0.10 million. During the same quarter in the previous year, the company posted ($0.93) EPS. Crinetics Pharmaceuticals’s revenue for the quarter was down 43.6% compared to the same quarter last year. Equities research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, CEO Richard Scott Struthers sold 17,338 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 value of $592,959.60. Following the transaction, the chief executive officer now owns 329,147 shares in the company, valued at approximately $11,256,827.40. The trade was a 5.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jeff E. Knight sold 7,162 shares of the business’s 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 $244,940.40. Following the completion of the transaction, the chief operating officer now owns 87,491 shares in the company, valued at $2,992,192.20. This trade represents a 7.57% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,015 shares of company stock worth $923,913. Company insiders own 6.00% of the company’s stock.

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.