Nicholas Investment Partners LP Has $6.51 Million Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Nicholas Investment Partners LP grew its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 35.6% in the 4th quarter, Holdings Channel reports. The fund owned 127,283 shares of the company’s stock after purchasing an additional 33,423 shares during the quarter. Nicholas Investment Partners LP’s holdings in Crinetics Pharmaceuticals were worth $6,508,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Barclays PLC raised its stake in Crinetics Pharmaceuticals by 75.5% during the 3rd quarter. Barclays PLC now owns 207,712 shares of the company’s stock valued at $10,614,000 after purchasing an additional 89,358 shares during the last quarter. Sanders Morris Harris LLC increased its holdings in shares of Crinetics Pharmaceuticals by 13.4% during the 4th quarter. Sanders Morris Harris LLC now owns 21,100 shares of the company’s stock worth $1,079,000 after purchasing an additional 2,500 shares during the period. SG Americas Securities LLC raised its position in shares of Crinetics Pharmaceuticals by 4,084.6% during the fourth quarter. SG Americas Securities LLC now owns 542,446 shares of the company’s stock valued at $27,735,000 after buying an additional 529,483 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of Crinetics Pharmaceuticals by 13.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company’s stock valued at $254,000 after buying an additional 600 shares during the period. Finally, KBC Group NV lifted its stake in shares of Crinetics Pharmaceuticals by 69.3% in the fourth quarter. KBC Group NV now owns 3,712 shares of the company’s stock valued at $190,000 after buying an additional 1,519 shares during the period. Institutional investors and hedge funds own 98.51% of the company’s stock.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 17,338 shares of the business’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $592,959.60. Following the transaction, the chief executive officer now directly owns 329,147 shares in the company, valued at $11,256,827.40. The trade was a 5.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Dana Pizzuti sold 2,515 shares of the company’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $86,013.00. Following the sale, the insider now directly owns 72,233 shares in the company, valued at $2,470,368.60. This represents a 3.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,015 shares of company stock valued at $923,913. 6.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CRNX shares. Stifel Nicolaus started coverage on Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They set a “buy” rating and a $60.00 price target on the stock. Wolfe Research initiated coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They set a “peer perform” rating on the stock. TD Cowen initiated coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating for the company. Finally, Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $73.00.

Crinetics Pharmaceuticals Price Performance

Crinetics Pharmaceuticals stock opened at $30.95 on Wednesday. The business has a 50 day simple moving average of $31.88 and a 200 day simple moving average of $42.08. The company has a market capitalization of $2.90 billion, a PE ratio of -8.30 and a beta of 0.31. Crinetics Pharmaceuticals, Inc. has a one year low of $24.10 and a one year high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, May 8th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.99) by ($0.05). The business had revenue of $0.36 million during the quarter, compared to analysts’ expectations of $0.10 million. During the same period in the prior year, the company earned ($0.93) EPS. Crinetics Pharmaceuticals’s quarterly revenue was down 43.6% on a year-over-year basis. Equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 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.