Assenagon Asset Management S.A. Acquires New Shares in Crinetics Pharmaceuticals, Inc. $CRNX

Assenagon Asset Management S.A. acquired a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 12,338 shares of the company’s stock, valued at approximately $514,000.

Other large investors also recently bought and sold shares of the company. Sanders Morris Harris LLC purchased a new position in shares of Crinetics Pharmaceuticals in the third quarter valued at $879,000. Praxis Investment Management Inc. acquired a new stake in Crinetics Pharmaceuticals in the 3rd quarter valued at about $242,000. Osaic Holdings Inc. increased its holdings in Crinetics Pharmaceuticals by 126.1% during the 2nd quarter. Osaic Holdings Inc. now owns 2,478 shares of the company’s stock valued at $75,000 after acquiring an additional 1,382 shares in the last quarter. Headlands Technologies LLC purchased a new position in Crinetics Pharmaceuticals during the 2nd quarter valued at about $30,000. Finally, Tower Research Capital LLC TRC raised its position in Crinetics Pharmaceuticals by 2,295.5% during the second quarter. Tower Research Capital LLC TRC now owns 12,768 shares of the company’s stock worth $367,000 after acquiring an additional 12,235 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on CRNX shares. Robert W. Baird increased their price target on shares of Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, September 26th. The Goldman Sachs Group upped their target price on Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, September 26th. JPMorgan Chase & Co. lowered their target price on Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a report on Wednesday, September 24th. Leerink Partners boosted their price target on Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the stock an “outperform” rating in a report on Monday, September 29th. Finally, JMP Securities upped 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. Eleven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $77.55.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX stock opened at $48.36 on Friday. The firm’s 50-day simple moving average is $44.71 and its 200-day simple moving average is $37.19. Crinetics Pharmaceuticals, Inc. has a 1-year low of $24.10 and a 1-year high of $54.17. The firm has a market cap of $4.59 billion, a P/E ratio of -10.68 and a beta of 0.20.

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

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 5,000 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $42.66, for a total value of $213,300.00. Following the transaction, the insider directly owned 66,270 shares of the company’s stock, valued at approximately $2,827,078.20. This trade represents a 7.02% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.60% of the stock is currently owned by insiders.

Crinetics Pharmaceuticals Profile

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.