Advisors Asset Management Inc. Has $224,000 Stake in Crinetics Pharmaceuticals, Inc. $CRNX

Advisors Asset Management Inc. grew its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 35.8% during the 1st quarter, HoldingsChannel.com reports. The firm owned 6,674 shares of the company’s stock after buying an additional 1,761 shares during the period. Advisors Asset Management Inc.’s holdings in Crinetics Pharmaceuticals were worth $224,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of CRNX. State of Wyoming acquired a new stake in Crinetics Pharmaceuticals in the 4th quarter worth $50,000. GF Fund Management CO. LTD. boosted its position in shares of Crinetics Pharmaceuticals by 22.0% during the 1st quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company’s stock valued at $80,000 after acquiring an additional 428 shares in the last quarter. Amalgamated Bank boosted its position in shares of Crinetics Pharmaceuticals by 17.3% during the 1st quarter. Amalgamated Bank now owns 3,159 shares of the company’s stock valued at $106,000 after acquiring an additional 467 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Crinetics Pharmaceuticals by 25.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,395 shares of the company’s stock valued at $114,000 after acquiring an additional 688 shares in the last quarter. Finally, KBC Group NV boosted its position in shares of Crinetics Pharmaceuticals by 10.0% during the 1st quarter. KBC Group NV now owns 4,082 shares of the company’s stock valued at $137,000 after acquiring an additional 370 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Dana Pizzuti sold 30,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $30.43, for a total value of $912,900.00. Following the transaction, the insider directly owned 66,270 shares in the company, valued at $2,016,596.10. This represents a 31.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 4.60% of the stock is owned by corporate insiders.

Crinetics Pharmaceuticals Trading Down 3.6%

Shares of CRNX stock opened at $33.73 on Friday. Crinetics Pharmaceuticals, Inc. has a 1 year low of $24.10 and a 1 year high of $62.53. The firm’s 50 day moving average is $30.85 and its 200-day moving average is $31.36. The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of -8.21 and a beta of 0.28.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($1.23) EPS for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The firm had revenue of $1.03 million for the quarter, compared to the consensus estimate of $0.52 million. During the same period last year, the company posted ($0.94) EPS. Crinetics Pharmaceuticals’s revenue for the quarter was up 158.4% compared to the same quarter last year. On average, equities research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CRNX has been the topic of several recent research reports. The Goldman Sachs Group began coverage on shares of Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They set a “neutral” rating and a $36.00 target price on the stock. JMP Securities reduced their price target on shares of Crinetics Pharmaceuticals from $90.00 to $86.00 and set a “market outperform” rating on the stock in a research report on Monday, August 11th. Finally, HC Wainwright restated a “buy” rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $68.86.

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.