ProShare Advisors LLC Acquires 9,655 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

ProShare Advisors LLC grew its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 49.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 29,089 shares of the company’s stock after purchasing an additional 9,655 shares during the period. ProShare Advisors LLC’s holdings in Crinetics Pharmaceuticals were worth $1,487,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Venturi Wealth Management LLC purchased a new position in Crinetics Pharmaceuticals during the fourth quarter valued at $41,000. Headlands Technologies LLC bought a new position in shares of Crinetics Pharmaceuticals during the fourth quarter valued at $52,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Crinetics Pharmaceuticals in the 4th quarter worth about $66,000. KBC Group NV boosted its stake in Crinetics Pharmaceuticals by 69.3% in the 4th quarter. KBC Group NV now owns 3,712 shares of the company’s stock worth $190,000 after purchasing an additional 1,519 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its position in Crinetics Pharmaceuticals by 13.7% during the 4th 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 last quarter. 98.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CRNX. TD Cowen began coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They issued a “buy” rating for the company. Wolfe Research initiated coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They issued a “peer perform” rating on the stock. Jefferies Financial Group upgraded 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. Finally, Stifel Nicolaus initiated coverage on Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They issued a “buy” rating and a $60.00 price target for the company. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $73.00.

Crinetics Pharmaceuticals Trading Down 4.5%

NASDAQ:CRNX opened at $29.95 on Thursday. The company has a market cap of $2.80 billion, a PE ratio of -8.03 and a beta of 0.31. The company has a 50 day simple moving average of $31.48 and a two-hundred day simple moving average of $41.13. Crinetics Pharmaceuticals, Inc. has a 12 month low of $24.10 and a 12 month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Thursday, May 8th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.05). The firm had revenue of $0.36 million during the quarter, compared to analysts’ expectations of $0.10 million. Crinetics Pharmaceuticals’s revenue was down 43.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.93) EPS. Research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 7,162 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 transaction of $244,940.40. Following the completion of the sale, the chief operating officer now directly owns 87,491 shares of the company’s stock, valued at approximately $2,992,192.20. This represents a 7.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Richard Scott Struthers sold 17,338 shares of Crinetics Pharmaceuticals stock in a transaction 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 transaction, the chief executive officer now owns 329,147 shares in the company, valued at $11,256,827.40. This represents a 5.00% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,015 shares of company stock valued at $923,913. Insiders own 4.60% 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.