Mirae Asset Global Investments Co. Ltd. Boosts Stock Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Mirae Asset Global Investments Co. Ltd. boosted its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 23.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,895 shares of the company’s stock after buying an additional 541 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Crinetics Pharmaceuticals were worth $147,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Driehaus Capital Management LLC increased its stake in shares of Crinetics Pharmaceuticals by 17.0% during the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock valued at $273,764,000 after purchasing an additional 885,876 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Crinetics Pharmaceuticals by 27.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock valued at $178,966,000 after acquiring an additional 814,360 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Crinetics Pharmaceuticals by 2.1% during the first quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock valued at $167,349,000 after acquiring an additional 72,624 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Crinetics Pharmaceuticals by 264.1% during the first quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company’s stock valued at $92,526,000 after acquiring an additional 1,434,909 shares in the last quarter. Finally, Artal Group S.A. bought a new stake in shares of Crinetics Pharmaceuticals during the first quarter valued at approximately $65,088,000. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 14,375 shares of the company’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total transaction of $785,306.25. Following the sale, the insider now directly owns 28,507 shares in the company, valued at $1,557,337.41. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO Marc Wilson sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the transaction, the chief financial officer now owns 111,092 shares of the company’s stock, valued at approximately $5,677,912.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Dana Pizzuti sold 14,375 shares of the stock in a transaction that occurred on Thursday, October 3rd. The stock was 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 trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,410 shares of company stock worth $2,275,929. Corporate insiders own 6.00% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CRNX. JPMorgan Chase & Co. raised their price target on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. JMP Securities restated a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. HC Wainwright raised their target price on shares of Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Oppenheimer reissued an “outperform” rating and issued a $73.00 target price (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Crinetics Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $68.55.

Crinetics Pharmaceuticals Price Performance

CRNX opened at $56.82 on Tuesday. The firm has a market cap of $4.55 billion, a P/E ratio of -15.03 and a beta of 0.62. Crinetics Pharmaceuticals, Inc. has a 1-year low of $25.75 and a 1-year high of $60.04. The company has a 50 day simple moving average of $53.78 and a two-hundred day simple moving average of $50.25.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, August 8th. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The firm had revenue of $0.40 million for the quarter, compared to analysts’ expectations of $0.47 million. During the same quarter in the previous year, the business earned ($0.94) earnings per share. The business’s quarterly revenue was down 59.6% on a year-over-year basis. Equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

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.