Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Purchased by California State Teachers Retirement System

California State Teachers Retirement System increased its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 18.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,264 shares of the company’s stock after acquiring an additional 12,072 shares during the period. California State Teachers Retirement System owned approximately 0.08% of Crinetics Pharmaceuticals worth $3,899,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Crinetics Pharmaceuticals by 44.6% in the 4th quarter. Vanguard Group Inc. now owns 9,089,391 shares of the company’s stock worth $464,741,000 after acquiring an additional 2,801,736 shares during the last quarter. FMR LLC raised its stake in Crinetics Pharmaceuticals by 100.4% in the 4th quarter. FMR LLC now owns 8,928,086 shares of the company’s stock worth $456,493,000 after acquiring an additional 4,472,316 shares during the last quarter. Wellington Management Group LLP raised its stake in Crinetics Pharmaceuticals by 55.9% in the 4th quarter. Wellington Management Group LLP now owns 6,950,567 shares of the company’s stock worth $355,382,000 after acquiring an additional 2,490,876 shares during the last quarter. Driehaus Capital Management LLC raised its stake in Crinetics Pharmaceuticals by 4.3% in the 4th quarter. Driehaus Capital Management LLC now owns 6,141,014 shares of the company’s stock worth $313,990,000 after acquiring an additional 255,766 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in Crinetics Pharmaceuticals by 9.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,414,505 shares of the company’s stock worth $276,844,000 after acquiring an additional 469,748 shares during the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Insider Activity

In other news, COO Jeff E. Knight sold 7,162 shares of the firm’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 $244,940.40. Following the sale, the chief operating officer now directly owns 87,491 shares in the company, valued at $2,992,192.20. This trade represents a 7.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Richard Scott Struthers sold 17,338 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $592,959.60. Following the sale, the chief executive officer now owns 329,147 shares in the company, valued at $11,256,827.40. This trade represents a 5.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,015 shares of company stock worth $923,913 in the last ninety days. Company insiders own 4.60% of the company’s stock.

Crinetics Pharmaceuticals Stock Performance

NASDAQ CRNX opened at $32.10 on Wednesday. The stock has a 50-day simple moving average of $30.69 and a two-hundred day simple moving average of $39.25. The firm has a market capitalization of $3.01 billion, a P/E ratio of -8.61 and a beta of 0.31. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $24.10 and a fifty-two week high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Thursday, May 8th. The company reported ($1.04) 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. During the same quarter in the previous year, the business earned ($0.93) EPS. The firm’s revenue for the quarter was down 43.6% on a year-over-year basis. As a group, analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CRNX. Stifel Nicolaus began coverage on Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They issued a “buy” rating and a $60.00 target price for the company. TD Cowen initiated coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating for the company. Finally, Wolfe Research initiated coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They set a “peer perform” rating for the company. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $74.56.

Crinetics Pharmaceuticals 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.