Martingale Asset Management L P Makes New $1.13 Million Investment in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Martingale Asset Management L P bought a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 22,074 shares of the company’s stock, valued at approximately $1,128,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in CRNX. Comerica Bank acquired a new stake in shares of Crinetics Pharmaceuticals during the 1st quarter worth approximately $33,000. Quest Partners LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the 2nd quarter worth approximately $42,000. Values First Advisors Inc. acquired a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth approximately $84,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth approximately $91,000. Finally, KBC Group NV boosted its position in shares of Crinetics Pharmaceuticals by 22.8% during the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after acquiring an additional 407 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on CRNX. Oppenheimer reiterated an “outperform” rating and set a $73.00 price target (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. HC Wainwright raised their target price on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Citigroup upped their price target on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. JMP Securities reissued a “market outperform” rating and set a $80.00 price objective on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. Finally, Cantor Fitzgerald reissued 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.18.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX stock opened at $57.20 on Monday. The stock has a market capitalization of $5.30 billion, a PE ratio of -15.34 and a beta of 0.62. Crinetics Pharmaceuticals, Inc. has a one year low of $31.35 and a one year high of $62.53. The business’s 50 day simple moving average is $55.73 and its 200 day simple moving average is $51.87.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter last year, the company earned ($1.01) EPS. As a group, research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.75 earnings per share for the current year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 25,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $51.11, for a total value of $1,277,750.00. Following the completion of the sale, the chief financial officer now directly owns 111,092 shares in the company, valued at approximately $5,677,912.12. The trade was a 18.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Jeff E. Knight sold 501 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $56.52, for a total value of $28,316.52. Following the completion of the sale, the chief operating officer now owns 51,653 shares of the company’s stock, valued at approximately $2,919,427.56. The trade was a 0.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 40,911 shares of company stock valued at $2,144,675 over the last 90 days. Company insiders own 6.00% of the company’s stock.

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.