Northern Trust Corp increased its stake in Crinetics Pharmaceuticals Inc (NASDAQ:CRNX) by 0.7% in the fourth quarter, HoldingsChannel reports. The firm owned 76,727 shares of the company’s stock after purchasing an additional 498 shares during the period. Northern Trust Corp’s holdings in Crinetics Pharmaceuticals were worth $2,301,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Legal & General Group Plc acquired a new stake in Crinetics Pharmaceuticals in the 3rd quarter worth approximately $30,000. New York State Common Retirement Fund acquired a new stake in Crinetics Pharmaceuticals in the 4th quarter worth approximately $123,000. Rhumbline Advisers acquired a new stake in Crinetics Pharmaceuticals in the 4th quarter worth approximately $254,000. Teachers Advisors LLC acquired a new stake in Crinetics Pharmaceuticals in the 3rd quarter worth approximately $260,000. Finally, TIAA CREF Investment Management LLC acquired a new stake in Crinetics Pharmaceuticals in the 3rd quarter worth approximately $268,000. Institutional investors own 69.69% of the company’s stock.
A number of analysts recently commented on the stock. Cantor Fitzgerald assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Monday, March 11th. They issued an “overweight” rating and a $40.00 target price for the company. HC Wainwright began coverage on shares of Crinetics Pharmaceuticals in a research note on Thursday, February 14th. They issued a “buy” rating and a $35.00 target price for the company. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $37.20.
Shares of NASDAQ CRNX opened at $26.13 on Monday. Crinetics Pharmaceuticals Inc has a 12 month low of $19.23 and a 12 month high of $42.00. The company has a market cap of $629.60 million and a price-to-earnings ratio of -11.72.
Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Wednesday, March 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.41) by $0.06. Crinetics Pharmaceuticals had a negative net margin of 1,117.52% and a negative return on equity of 38.38%. The firm had revenue of $0.78 million during the quarter, compared to analysts’ expectations of $0.32 million. Equities research analysts predict that Crinetics Pharmaceuticals Inc will post -1.89 earnings per share for the current year.
In related news, major shareholder Ventures Iv L.P. 5Am sold 154,839 shares of the business’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $24.25, for a total value of $3,754,845.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Vivo Capital Fund Viii, L.P. sold 417,000 shares of the business’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $22.25, for a total transaction of $9,278,250.00. The disclosure for this sale can be found here.
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Crinetics Pharmaceuticals Profile
Crinetics Pharmaceuticals, Inc, a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for rare endocrine diseases and endocrine-related tumors. Its lead product candidate is CRN00808, an oral selective nonpeptide somatostatin receptor type 2 biased agonist, which is in Phase I clinical trials used for the treatment of acromegaly.
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