Crinetics Pharmaceuticals, Inc. $CRNX Shares Bought by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lifted its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 20.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,884,281 shares of the company’s stock after purchasing an additional 323,981 shares during the period. Pictet Asset Management Holding SA’s holdings in Crinetics Pharmaceuticals were worth $68,204,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in CRNX. Wellington Management Group LLP raised its holdings in shares of Crinetics Pharmaceuticals by 44.3% in the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock worth $349,110,000 after purchasing an additional 2,574,683 shares in the last quarter. Baker BROS. Advisors LP grew its position in Crinetics Pharmaceuticals by 488.9% in the fourth quarter. Baker BROS. Advisors LP now owns 1,648,869 shares of the company’s stock worth $76,755,000 after buying an additional 1,368,869 shares during the last quarter. Farallon Capital Management LLC grew its position in Crinetics Pharmaceuticals by 20.2% in the fourth quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock worth $322,736,000 after buying an additional 1,163,000 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Crinetics Pharmaceuticals by 279.2% in the third quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock valued at $52,426,000 after buying an additional 926,765 shares in the last quarter. Finally, GW&K Investment Management LLC increased its holdings in shares of Crinetics Pharmaceuticals by 73.6% in the fourth quarter. GW&K Investment Management LLC now owns 1,476,325 shares of the company’s stock valued at $68,723,000 after buying an additional 625,779 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Insider Activity at Crinetics Pharmaceuticals

In related news, Director Stephanie Okey sold 6,900 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the sale, the director owned 6,400 shares of the company’s stock, valued at approximately $228,288. The trade was a 51.88% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jeff E. Knight sold 85,163 shares of the stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $40.10, for a total value of $3,415,036.30. Following the completion of the transaction, the insider owned 105,289 shares in the company, valued at $4,222,088.90. This represents a 44.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. HC Wainwright reissued a “buy” rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, June 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. Wall Street Zen upgraded Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. Oppenheimer dropped their price target on Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating on the stock in a research note on Monday, May 11th. Finally, Citizens Jmp restated a “market outperform” rating and set a $95.00 price objective on shares of Crinetics Pharmaceuticals in a report on Thursday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $76.12.

Crinetics Pharmaceuticals Trading Up 0.7%

CRNX opened at $36.94 on Tuesday. The stock has a market cap of $3.89 billion, a price-to-earnings ratio of -7.20 and a beta of 0.24. Crinetics Pharmaceuticals, Inc. has a 1 year low of $25.83 and a 1 year high of $57.99. The stock has a fifty day moving average price of $36.67 and a 200 day moving average price of $41.81.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.The firm had revenue of $10.73 million during the quarter, compared to analyst estimates of $8.51 million. During the same period in the previous year, the company earned ($1.04) earnings per share. The business’s revenue for the quarter was up 2873.4% on a year-over-year basis. As a group, sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.86 earnings per share for the current fiscal year.

About Crinetics Pharmaceuticals

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.