Crinetics Pharmaceuticals, Inc. $CRNX Shares Bought by DNB Asset Management AS

DNB Asset Management AS raised its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 37.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 10,211 shares of the company’s stock after acquiring an additional 2,780 shares during the quarter. DNB Asset Management AS’s holdings in Crinetics Pharmaceuticals were worth $294,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in CRNX. Vestal Point Capital LP acquired a new position in Crinetics Pharmaceuticals in the first quarter valued at approximately $50,310,000. Nuveen LLC acquired a new position in shares of Crinetics Pharmaceuticals in the 1st quarter valued at $18,881,000. Candriam S.C.A. purchased a new position in shares of Crinetics Pharmaceuticals in the 1st quarter valued at $16,398,000. American Century Companies Inc. raised its stake in Crinetics Pharmaceuticals by 50.8% during the 1st quarter. American Century Companies Inc. now owns 719,578 shares of the company’s stock worth $24,135,000 after acquiring an additional 242,280 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in Crinetics Pharmaceuticals by 2.4% in the first quarter. Vanguard Group Inc. now owns 9,311,600 shares of the company’s stock valued at $312,311,000 after acquiring an additional 222,209 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Up 3.0%

Shares of CRNX stock opened at $46.03 on Thursday. The stock’s 50-day moving average price is $41.90 and its 200 day moving average price is $34.81. The stock has a market capitalization of $4.37 billion, a PE ratio of -10.16 and a beta of 0.25. Crinetics Pharmaceuticals, Inc. has a 52-week low of $24.10 and a 52-week high of $60.34.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Thursday, November 6th. The company reported ($1.38) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.11). The business had revenue of $0.14 million during the quarter, compared to the consensus estimate of $0.39 million. During the same quarter in the prior year, the business earned ($0.96) EPS. Analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, CEO Richard Scott Struthers sold 4,000 shares of the business’s stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $45.00, for a total transaction of $180,000.00. Following the transaction, the chief executive officer directly owned 106,000 shares in the company, valued at $4,770,000. The trade was a 3.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Dana Pizzuti sold 5,000 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $42.66, for a total transaction of $213,300.00. Following the completion of the sale, the insider owned 66,270 shares of the company’s stock, valued at approximately $2,827,078.20. The trade was a 7.02% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 30,000 shares of company stock valued at $1,318,350. 4.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Robert W. Baird raised their price objective on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, September 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, October 8th. JPMorgan Chase & Co. dropped their price target on Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 24th. The Goldman Sachs Group lifted their price target on Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, September 26th. Finally, Leerink Partners increased their price objective on Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the company an “outperform” rating in a report on Monday, September 29th. Eleven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.55.

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.