Wellington Management Group LLP Buys 2,490,876 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Wellington Management Group LLP grew its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 55.9% during the 4th quarter, HoldingsChannel reports. The fund 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 0.07% of Crinetics Pharmaceuticals worth $355,382,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of CRNX. Venturi Wealth Management LLC bought a new position in Crinetics Pharmaceuticals in the 4th quarter worth about $41,000. Harvest Fund Management Co. Ltd purchased a new position in Crinetics Pharmaceuticals in the fourth quarter worth about $66,000. 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 worth $190,000 after buying an additional 1,519 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Crinetics Pharmaceuticals by 13.7% during 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 last quarter. Finally, Oppenheimer Asset Management Inc. increased its position in shares of Crinetics Pharmaceuticals by 19.5% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 5,038 shares of the company’s stock valued at $258,000 after acquiring an additional 822 shares in the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Stock Down 8.7 %

NASDAQ CRNX opened at $30.62 on Wednesday. Crinetics Pharmaceuticals, Inc. has a 52 week low of $29.18 and a 52 week high of $62.53. The company has a market capitalization of $2.85 billion, a P/E ratio of -8.21 and a beta of 0.58. The stock’s 50-day moving average price is $35.78 and its 200-day moving average price is $47.22.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share for the quarter, beating the consensus estimate of ($0.92) by $0.04. Research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on the company. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Wednesday, January 22nd. Wolfe Research assumed coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They set a “peer perform” rating on the stock. JMP Securities reissued a “market outperform” rating and issued a $87.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. HC Wainwright reaffirmed a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. Finally, TD Cowen initiated coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $73.00.

Insider Buying and Selling

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 value of $592,959.60. Following the completion of the transaction, the chief executive officer now directly owns 329,147 shares in the company, valued at $11,256,827.40. This represents a 5.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Dana Pizzuti sold 2,515 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $86,013.00. Following the sale, the insider now owns 72,233 shares in the company, valued at approximately $2,470,368.60. The trade was a 3.36 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,015 shares of company stock valued at $1,119,263. 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.