Martingale Asset Management L P Takes $1.13 Million Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Martingale Asset Management L P acquired a new stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 22,074 shares of the company’s stock, valued at approximately $1,128,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Comerica Bank bought a new stake in shares of Crinetics Pharmaceuticals during the first quarter valued at approximately $33,000. Quest Partners LLC bought a new stake in Crinetics Pharmaceuticals during the second quarter worth $42,000. Values First Advisors Inc. bought a new stake in Crinetics Pharmaceuticals during the third quarter worth $84,000. Allspring Global Investments Holdings LLC bought a new stake in Crinetics Pharmaceuticals during the third quarter worth $91,000. Finally, KBC Group NV grew its holdings in Crinetics Pharmaceuticals by 22.8% during the third quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after buying an additional 407 shares in the last quarter. Institutional investors own 98.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CRNX. HC Wainwright upped their price target on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Cantor Fitzgerald reiterated an “overweight” rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. Oppenheimer reiterated an “outperform” rating and set a $73.00 price target (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. JMP Securities reissued a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th. Finally, Citigroup boosted their price objective on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $70.18.

Crinetics Pharmaceuticals Stock Performance

NASDAQ:CRNX opened at $57.20 on Monday. Crinetics Pharmaceuticals, Inc. has a 52-week low of $31.35 and a 52-week high of $62.53. The firm has a market cap of $5.30 billion, a price-to-earnings ratio of -15.34 and a beta of 0.62. The business’s fifty day moving average is $55.73 and its 200 day moving average is $51.87.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period in the previous year, the company earned ($1.01) EPS. Equities analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Marc Wilson sold 25,000 shares of Crinetics Pharmaceuticals stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the completion of the sale, the chief financial officer now directly owns 111,092 shares of the company’s stock, valued at approximately $5,677,912.12. The trade was a 18.37 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Dana Pizzuti sold 14,375 shares of the stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total value of $785,306.25. Following the completion of the transaction, the insider now directly owns 28,507 shares in the company, valued at approximately $1,557,337.41. This represents a 33.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 40,911 shares of company stock worth $2,144,675 in the last ninety days. 6.00% of the stock is currently owned by insiders.

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.