Wellington Management Group LLP Raises Stock Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Wellington Management Group LLP boosted its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 55.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,950,567 shares of the company’s stock after purchasing an additional 2,490,876 shares during the quarter. Wellington Management Group LLP owned about 7.47% of Crinetics Pharmaceuticals worth $355,382,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Schroder Investment Management Group purchased a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter worth $1,488,000. NEOS Investment Management LLC raised its holdings in shares of Crinetics Pharmaceuticals by 0.9% in the 4th quarter. NEOS Investment Management LLC now owns 57,933 shares of the company’s stock valued at $2,962,000 after acquiring an additional 544 shares in the last quarter. Pier Capital LLC grew its holdings in shares of Crinetics Pharmaceuticals by 3.4% during the fourth quarter. Pier Capital LLC now owns 111,999 shares of the company’s stock worth $5,727,000 after purchasing an additional 3,638 shares in the last quarter. Segall Bryant & Hamill LLC bought a new position in shares of Crinetics Pharmaceuticals in the fourth quarter worth approximately $7,690,000. Finally, Prudential Financial Inc. raised its stake in Crinetics Pharmaceuticals by 60.5% in the fourth quarter. Prudential Financial Inc. now owns 277,370 shares of the company’s stock valued at $14,182,000 after purchasing an additional 104,584 shares in the last quarter. 98.51% of the stock is owned by institutional investors.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 17,338 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $592,959.60. Following the transaction, the chief executive officer now owns 329,147 shares in the company, valued at approximately $11,256,827.40. This represents a 5.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jeff E. Knight sold 7,162 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $244,940.40. Following the completion of the transaction, the chief operating officer now owns 87,491 shares of the company’s stock, valued at approximately $2,992,192.20. The trade was a 7.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,015 shares of company stock worth $1,119,263 over the last quarter. Corporate insiders own 6.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. JMP Securities reissued a “market outperform” rating and issued a $87.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research report on Wednesday, January 22nd. Stifel Nicolaus initiated coverage on Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They issued a “buy” rating and a $60.00 price objective for the company. Wolfe Research assumed coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They set a “peer perform” rating on the stock. Finally, TD Cowen began coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating for the company. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Crinetics Pharmaceuticals Trading Down 8.7 %

Shares of NASDAQ:CRNX opened at $30.62 on Wednesday. The company has a market cap of $2.85 billion, a price-to-earnings ratio of -8.21 and a beta of 0.58. Crinetics Pharmaceuticals, Inc. has a 12 month low of $29.18 and a 12 month high of $62.53. The company has a 50-day moving average price of $35.78 and a 200-day moving average price of $47.22.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.88) earnings per share for the quarter, topping the consensus estimate of ($0.92) by $0.04. As a group, research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

About Crinetics Pharmaceuticals

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.