Adage Capital Partners GP L.L.C. Has $3.32 Million Stock Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Adage Capital Partners GP L.L.C. grew its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 62.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 65,000 shares of the company’s stock after purchasing an additional 25,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.07% of Crinetics Pharmaceuticals worth $3,323,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of CRNX. Venturi Wealth Management LLC bought a new position in Crinetics Pharmaceuticals during the fourth quarter valued at about $41,000. Headlands Technologies LLC acquired a new stake in Crinetics Pharmaceuticals in the 4th quarter worth approximately $52,000. Harvest Fund Management Co. Ltd bought a new stake in Crinetics Pharmaceuticals during the fourth quarter worth approximately $66,000. KBC Group NV grew its holdings in Crinetics Pharmaceuticals by 69.3% during the fourth quarter. KBC Group NV now owns 3,712 shares of the company’s stock valued at $190,000 after purchasing an additional 1,519 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its position in shares of Crinetics Pharmaceuticals by 13.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company’s stock valued at $254,000 after purchasing an additional 600 shares during the period. Institutional investors and hedge funds own 98.51% of the company’s stock.

Insider Activity at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 2,515 shares of the business’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 $86,013.00. Following the sale, the insider now owns 72,233 shares in the company, valued at approximately $2,470,368.60. The trade was a 3.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Richard Scott Struthers sold 17,338 shares of the company’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $592,959.60. Following the completion of the sale, 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 position. 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 in the last 90 days. 6.00% of the stock is owned by corporate insiders.

Crinetics Pharmaceuticals Stock Performance

Shares of Crinetics Pharmaceuticals stock opened at $33.31 on Wednesday. The firm has a market cap of $3.12 billion, a P/E ratio of -8.93 and a beta of 0.37. The firm’s 50-day simple moving average is $32.25 and its 200-day simple moving average is $43.87. Crinetics Pharmaceuticals, Inc. has a twelve month low of $24.10 and a twelve month high of $62.53.

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

Wall Street Analyst Weigh In

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

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.