Teachers Retirement System of The State of Kentucky Acquires 5,386 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Teachers Retirement System of The State of Kentucky grew its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 15.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,603 shares of the company’s stock after acquiring an additional 5,386 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Crinetics Pharmaceuticals were worth $1,445,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Jennison Associates LLC increased its holdings in Crinetics Pharmaceuticals by 77.7% during the fourth quarter. Jennison Associates LLC now owns 2,547,683 shares of the company’s stock worth $90,647,000 after buying an additional 1,113,992 shares during the last quarter. FMR LLC increased its stake in shares of Crinetics Pharmaceuticals by 97.7% during the 3rd quarter. FMR LLC now owns 2,140,861 shares of the company’s stock worth $63,669,000 after purchasing an additional 1,057,947 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Crinetics Pharmaceuticals by 24.7% in the 3rd quarter. Vanguard Group Inc. now owns 3,407,035 shares of the company’s stock valued at $101,325,000 after purchasing an additional 674,301 shares during the period. Avidity Partners Management LP bought a new stake in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at about $18,141,000. Finally, Eventide Asset Management LLC lifted its stake in Crinetics Pharmaceuticals by 134.3% in the 3rd quarter. Eventide Asset Management LLC now owns 1,018,782 shares of the company’s stock valued at $30,299,000 after purchasing an additional 584,014 shares during the last quarter. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Up 3.1 %

Shares of Crinetics Pharmaceuticals stock opened at $45.58 on Monday. The stock has a market capitalization of $3.59 billion, a price-to-earnings ratio of -12.06 and a beta of 0.64. Crinetics Pharmaceuticals, Inc. has a twelve month low of $15.76 and a twelve month high of $53.70. The company has a 50-day simple moving average of $46.28 and a two-hundred day simple moving average of $41.67.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.93) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.09). The business had revenue of $0.64 million during the quarter, compared to analyst estimates of $0.20 million. Crinetics Pharmaceuticals had a negative net margin of 4,223.27% and a negative return on equity of 42.50%. The firm’s quarterly revenue was down 76.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.85) earnings per share. On average, sell-side analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.53 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Stephen F. Betz sold 3,000 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $43.86, for a total value of $131,580.00. Following the completion of the transaction, the insider now owns 83,643 shares of the company’s stock, valued at $3,668,581.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $43.86, for a total transaction of $131,580.00. Following the sale, the insider now owns 83,643 shares in the company, valued at approximately $3,668,581.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Richard Scott Struthers sold 107,448 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $49.40, for a total transaction of $5,307,931.20. Following the transaction, the chief executive officer now owns 257,485 shares of the company’s stock, valued at $12,719,759. The disclosure for this sale can be found here. In the last three months, insiders sold 189,274 shares of company stock worth $9,194,738. 6.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CRNX. Morgan Stanley boosted their price target on Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Piper Sandler increased their price target on Crinetics Pharmaceuticals from $56.00 to $97.00 and gave the company an “overweight” rating in a research note on Tuesday, May 7th. JMP Securities reaffirmed a “market outperform” rating and set a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. Robert W. Baird increased their price objective on shares of Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the company an “outperform” rating in a research report on Thursday, May 23rd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $65.00 target price on shares of Crinetics Pharmaceuticals in a report on Tuesday, May 14th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $62.50.

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.