Franklin Resources Inc. Grows Stock Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Franklin Resources Inc. lifted its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 61.4% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,390,110 shares of the company’s stock after acquiring an additional 528,688 shares during the period. Franklin Resources Inc.’s holdings in Crinetics Pharmaceuticals were worth $73,815,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of CRNX. Driehaus Capital Management LLC boosted its stake in Crinetics Pharmaceuticals by 17.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock worth $273,764,000 after purchasing an additional 885,876 shares in the last quarter. FMR LLC increased its stake in Crinetics Pharmaceuticals by 8.8% during the 3rd quarter. FMR LLC now owns 4,455,770 shares of the company’s stock valued at $227,690,000 after purchasing an additional 358,975 shares in the last quarter. State Street Corp raised its holdings in shares of Crinetics Pharmaceuticals by 0.9% in the third quarter. State Street Corp now owns 2,838,484 shares of the company’s stock worth $145,047,000 after buying an additional 25,561 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of Crinetics Pharmaceuticals by 0.5% during the third quarter. Jennison Associates LLC now owns 2,793,614 shares of the company’s stock worth $142,754,000 after buying an additional 13,470 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of Crinetics Pharmaceuticals by 10.1% during the third quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock valued at $94,458,000 after buying an additional 169,746 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 14,375 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total transaction of $785,306.25. Following the sale, the insider now directly owns 28,507 shares in the company, valued at $1,557,337.41. This trade represents a 33.52 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jeff E. Knight sold 501 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $56.52, for a total value of $28,316.52. Following the completion of the transaction, the chief operating officer now owns 51,653 shares of the company’s stock, valued at approximately $2,919,427.56. This represents a 0.96 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 39,876 shares of company stock valued at $2,091,373. Corporate insiders own 6.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CRNX. JMP Securities restated a “market outperform” rating and issued a $87.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday. HC Wainwright raised their price objective on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Citigroup lifted their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $70.82.

Crinetics Pharmaceuticals Trading Up 1.8 %

Shares of NASDAQ:CRNX opened at $54.63 on Tuesday. Crinetics Pharmaceuticals, Inc. has a 12-month low of $32.92 and a 12-month high of $62.53. The business has a 50 day moving average of $56.91 and a two-hundred day moving average of $52.51. The company has a market capitalization of $5.07 billion, a PE ratio of -14.65 and a beta of 0.60.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results 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 in the previous year, the firm earned ($1.01) EPS. Equities research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.75 earnings per share for the current fiscal year.

Crinetics Pharmaceuticals Profile

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.