Handelsbanken Fonder AB Purchases 2,700 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

Handelsbanken Fonder AB increased its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 12.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 24,500 shares of the company’s stock after buying an additional 2,700 shares during the period. Handelsbanken Fonder AB’s holdings in Crinetics Pharmaceuticals were worth $705,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Penserra Capital Management LLC acquired a new stake in Crinetics Pharmaceuticals in the second quarter valued at approximately $48,000. Kestra Investment Management LLC bought a new position in shares of Crinetics Pharmaceuticals during the 1st quarter valued at $95,000. PNC Financial Services Group Inc. raised its holdings in shares of Crinetics Pharmaceuticals by 25.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,395 shares of the company’s stock valued at $114,000 after purchasing an additional 688 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Crinetics Pharmaceuticals by 16.2% in the 2nd 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 last quarter. Finally, Strs Ohio bought a new stake in Crinetics Pharmaceuticals in the first quarter worth $124,000. Institutional investors own 98.51% of the company’s stock.

Analyst Upgrades and Downgrades

CRNX has been the topic of several analyst reports. Oppenheimer increased their target price on shares of Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Wednesday, October 8th. Citizens Jmp lowered their target price on shares of Crinetics Pharmaceuticals from $143.00 to $108.00 and set a “market outperform” rating on the stock in a research note on Friday, November 7th. JMP Securities lifted their target price on shares of Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a “market outperform” rating in a report on Friday, September 26th. Finally, JPMorgan Chase & Co. cut their target price on shares of Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a research report on Wednesday, September 24th. Eleven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $77.55.

Crinetics Pharmaceuticals Stock Down 1.2%

CRNX stock opened at $45.48 on Friday. Crinetics Pharmaceuticals, Inc. has a twelve month low of $24.10 and a twelve month high of $60.34. The company has a market cap of $4.32 billion, a PE ratio of -10.04 and a beta of 0.25. The business’s 50-day simple moving average is $42.35 and its 200 day simple moving average is $35.00.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($1.38) EPS for the quarter, missing analysts’ consensus estimates 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 period in the prior year, the company earned ($0.96) EPS. On average, equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Insider Buying and Selling

In other news, CEO Richard Scott Struthers sold 4,000 shares of the stock in a transaction on Friday, September 26th. The shares were sold at an average price of $45.00, for a total value of $180,000.00. Following the completion of the transaction, the chief executive officer owned 106,000 shares in the company, valued at approximately $4,770,000. This represents a 3.64% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Matthew K. Fust sold 16,000 shares of the company’s stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $44.75, for a total transaction of $716,000.00. Following the completion of the sale, the director directly owned 22,836 shares in the company, valued at approximately $1,021,911. The trade was a 41.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 30,000 shares of company stock valued at $1,318,350 over the last ninety days. 4.60% of the stock is owned by company insiders.

Crinetics Pharmaceuticals Company 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.