Crinetics Pharmaceuticals’ (NASDAQ:CRNX) lock-up period will expire on Monday, January 14th. Crinetics Pharmaceuticals had issued 6,000,000 shares in its public offering on July 18th. The total size of the offering was $102,000,000 based on an initial share price of $17.00. After the expiration of Crinetics Pharmaceuticals’ lock-up period, major shareholders and company insiders will be able to sell their shares of the company.
A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. reduced their price objective on Crinetics Pharmaceuticals from $29.00 to $28.00 and set a “neutral” rating for the company in a research note on Wednesday, November 14th. Zacks Investment Research upgraded Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Tuesday, November 6th.
Crinetics Pharmaceuticals stock opened at $23.37 on Friday. Crinetics Pharmaceuticals has a 12 month low of $19.23 and a 12 month high of $42.00.
Several institutional investors have recently added to or reduced their stakes in CRNX. Legal & General Group Plc purchased a new stake in shares of Crinetics Pharmaceuticals during the third quarter worth approximately $30,000. American International Group Inc. purchased a new stake in shares of Crinetics Pharmaceuticals during the third quarter worth approximately $132,000. Teachers Advisors LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the third quarter worth approximately $260,000. TIAA CREF Investment Management LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the third quarter worth approximately $268,000. Finally, Zimmer Partners LP purchased a new stake in shares of Crinetics Pharmaceuticals during the third quarter worth approximately $287,000. Institutional investors and hedge funds own 67.26% of the company’s stock.
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Crinetics Pharmaceuticals Company Profile
Crinetics Pharmaceuticals, Inc, a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for rare endocrine diseases and endocrine-related tumors. Its lead product candidate is CRN00808, an oral selective nonpeptide somatostatin receptor type 2 biased agonist, which is in Phase I clinical trials used for the treatment of acromegaly.
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