Crinetics Pharmaceuticals, Inc. $CRNX Shares Bought by Glenmede Trust Co. NA

Glenmede Trust Co. NA raised its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 72.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,245 shares of the company’s stock after acquiring an additional 12,301 shares during the quarter. Glenmede Trust Co. NA’s holdings in Crinetics Pharmaceuticals were worth $1,062,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Smartleaf Asset Management LLC increased its position in shares of Crinetics Pharmaceuticals by 107.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after purchasing an additional 331 shares in the last quarter. Headlands Technologies LLC purchased a new position in Crinetics Pharmaceuticals in the 2nd quarter valued at $30,000. Parallel Advisors LLC boosted its stake in Crinetics Pharmaceuticals by 34.6% during the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after purchasing an additional 315 shares during the last quarter. Arax Advisory Partners boosted its stake in Crinetics Pharmaceuticals by 131.2% during the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock worth $70,000 after purchasing an additional 850 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Crinetics Pharmaceuticals during the second quarter worth $45,000. Institutional investors and hedge funds own 98.51% of the company’s stock.

Insider Buying and Selling

In related news, Director Stephanie Okey sold 6,900 shares of the 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 transaction, the director directly owned 6,400 shares in the company, valued at approximately $228,288. This represents a 51.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 3,000 shares of the firm’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total value of $120,000.00. Following the sale, the director directly owned 19,225 shares of the company’s stock, valued at approximately $769,000. This trade represents a 13.50% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.80% of the company’s stock.

Crinetics Pharmaceuticals Trading Down 0.1%

Shares of CRNX opened at $83.92 on Friday. Crinetics Pharmaceuticals, Inc. has a 12-month low of $25.83 and a 12-month high of $84.09. The firm has a market capitalization of $8.90 billion, a P/E ratio of -16.65 and a beta of 0.12. The firm has a 50-day moving average price of $57.94 and a 200 day moving average price of $46.98.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Monday, August 3rd. The company reported ($1.14) EPS for the quarter, topping analysts’ consensus estimates of ($1.18) by $0.04. The company had revenue of $25.12 million for the quarter, compared to the consensus estimate of $14.84 million. Crinetics Pharmaceuticals had a negative net margin of 1,189.88% and a negative return on equity of 44.22%. Crinetics Pharmaceuticals’s quarterly revenue was up 2336.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.23) earnings per share. Equities research analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CRNX. JonesTrading lowered shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and set a $85.00 price target on the stock. in a research report on Tuesday, July 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Friday, July 17th. Robert W. Baird boosted their target price on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, July 7th. HC Wainwright lowered Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and upped their price target for the company from $81.00 to $85.00 in a research report on Tuesday, July 7th. Finally, Lifesci Capital cut Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Five research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $81.00.

Crinetics Pharmaceuticals Company 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.