Crinetics Pharmaceuticals, Inc. $CRNX Shares Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS boosted its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 17.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,800 shares of the company’s stock after acquiring an additional 2,800 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Crinetics Pharmaceuticals were worth $541,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. boosted its holdings in Crinetics Pharmaceuticals by 22.0% in the first quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company’s stock valued at $80,000 after acquiring an additional 428 shares during the last quarter. Kestra Investment Management LLC acquired a new position in Crinetics Pharmaceuticals in the first quarter valued at $95,000. Amalgamated Bank boosted its holdings in Crinetics Pharmaceuticals by 17.3% in the first quarter. Amalgamated Bank now owns 3,159 shares of the company’s stock valued at $106,000 after acquiring an additional 467 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Crinetics Pharmaceuticals by 25.4% in the first quarter. PNC Financial Services Group Inc. now owns 3,395 shares of the company’s stock valued at $114,000 after acquiring an additional 688 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Crinetics Pharmaceuticals by 16.2% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,619 shares of the company’s stock valued at $104,000 after purchasing an additional 505 shares during the period. Institutional investors and hedge funds own 98.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. JMP Securities raised their price objective on Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the company a “market outperform” rating in a research report on Friday, September 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday, October 8th. JPMorgan Chase & Co. cut their price objective on Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 24th. HC Wainwright reissued a “buy” rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. Finally, Robert W. Baird raised their price objective on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, September 26th. Eleven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Crinetics Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $74.45.

Insider Buying and Selling

In other news, CEO Richard Scott Struthers sold 4,000 shares of the business’s stock in a transaction on 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Dana Pizzuti sold 5,000 shares of the business’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $41.81, for a total transaction of $209,050.00. Following the transaction, the insider owned 66,270 shares in the company, valued at approximately $2,770,748.70. This represents a 7.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 61,492 shares of company stock valued at $2,207,387 over the last quarter. Corporate insiders own 4.60% of the company’s stock.

Crinetics Pharmaceuticals Stock Down 1.7%

Shares of CRNX stock opened at $41.57 on Friday. The business has a 50 day moving average of $35.88 and a two-hundred day moving average of $32.39. Crinetics Pharmaceuticals, Inc. has a 52 week low of $24.10 and a 52 week high of $62.53. The company has a market cap of $3.92 billion, a P/E ratio of -10.11 and a beta of 0.33.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Thursday, August 7th. The company reported ($1.23) EPS for the quarter, missing analysts’ consensus estimates of ($1.13) by ($0.10). The business had revenue of $1.03 million during the quarter, compared to the consensus estimate of $0.52 million. The firm’s revenue for the quarter was up 158.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.94) EPS. Analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS 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.