Victory Capital Management Inc. Buys 116,657 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Victory Capital Management Inc. raised its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 51.5% in the third quarter, Holdings Channel reports. The fund owned 343,344 shares of the company’s stock after purchasing an additional 116,657 shares during the quarter. Victory Capital Management Inc.’s holdings in Crinetics Pharmaceuticals were worth $17,545,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Russell Investments Group Ltd. lifted its holdings in shares of Crinetics Pharmaceuticals by 366,571.4% in the first quarter. Russell Investments Group Ltd. now owns 51,334 shares of the company’s stock worth $2,403,000 after acquiring an additional 51,320 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Crinetics Pharmaceuticals by 2.1% in the first quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock valued at $167,349,000 after buying an additional 72,624 shares during the period. SG Americas Securities LLC increased its stake in shares of Crinetics Pharmaceuticals by 1,224.8% in the second quarter. SG Americas Securities LLC now owns 79,051 shares of the company’s stock valued at $3,541,000 after buying an additional 73,084 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Crinetics Pharmaceuticals by 27.1% in 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 buying an additional 814,360 shares during the period. Finally, Driehaus Capital Management LLC increased its stake in shares of Crinetics Pharmaceuticals by 17.0% in the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock valued at $273,764,000 after buying an additional 885,876 shares during the period. 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 1,035 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total transaction of $53,302.50. Following the completion of the sale, the insider now directly owns 68,576 shares of the company’s stock, valued at $3,531,664. This trade represents a 1.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Marc Wilson sold 25,000 shares of the firm’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $51.11, for a total value of $1,277,750.00. Following the sale, the chief financial officer now directly owns 111,092 shares of the company’s stock, valued at approximately $5,677,912.12. This represents a 18.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In 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.

Analyst Ratings Changes

CRNX has been the subject of several recent research reports. HC Wainwright upped their price objective on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. Citigroup upped their price objective on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $73.00 price objective (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $70.18.

Crinetics Pharmaceuticals Trading Up 2.7 %

Shares of NASDAQ:CRNX opened at $55.17 on Wednesday. The stock’s fifty day simple moving average is $55.09 and its two-hundred day simple moving average is $51.43. Crinetics Pharmaceuticals, Inc. has a 1-year low of $29.23 and a 1-year high of $62.53. The stock has a market cap of $5.12 billion, a PE ratio of -14.79 and a beta of 0.62.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same quarter last year, the company posted ($1.01) earnings per share. On average, sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.75 earnings per share 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.