Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Position Cut by abrdn plc

abrdn plc decreased its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 46.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 35,467 shares of the company’s stock after selling 30,729 shares during the quarter. abrdn plc’s holdings in Crinetics Pharmaceuticals were worth $1,812,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Comerica Bank acquired a new position in Crinetics Pharmaceuticals during the 1st quarter worth $33,000. Quest Partners LLC acquired a new stake in Crinetics Pharmaceuticals in the second quarter worth about $42,000. Values First Advisors Inc. bought a new position in Crinetics Pharmaceuticals in the 3rd quarter valued at about $84,000. Allspring Global Investments Holdings LLC acquired a new position in Crinetics Pharmaceuticals during the 3rd quarter valued at about $91,000. Finally, Amalgamated Bank raised its position in shares of Crinetics Pharmaceuticals by 20.8% during the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock worth $121,000 after buying an additional 464 shares in the last quarter. Institutional investors own 98.51% of the company’s stock.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, insider Stephen F. Betz sold 3,000 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $53.19, for a total value of $159,570.00. Following the transaction, the insider now directly owns 69,611 shares of the company’s stock, valued at approximately $3,702,609.09. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Stephen F. Betz sold 1,035 shares of Crinetics Pharmaceuticals stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total value of $53,302.50. Following the transaction, the insider now owns 68,576 shares in the company, valued at $3,531,664. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Stephen F. Betz sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $53.19, for a total value of $159,570.00. Following the completion of the sale, the insider now directly owns 69,611 shares in the company, valued at approximately $3,702,609.09. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,410 shares of company stock valued at $2,275,929 in the last quarter. Company insiders own 6.00% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

CRNX stock opened at $56.82 on Tuesday. Crinetics Pharmaceuticals, Inc. has a 52-week low of $25.75 and a 52-week high of $60.04. The firm has a market capitalization of $4.55 billion, a P/E ratio of -15.03 and a beta of 0.62. The company’s 50 day simple moving average is $53.78 and its 200-day simple moving average is $50.25.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The company had revenue of $0.40 million during the quarter, compared to analysts’ expectations of $0.47 million. The company’s quarterly revenue was down 59.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.94) earnings per share. Sell-side analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

Analyst Ratings Changes

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

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.