Pictet Asset Management Holding SA Acquires 95,038 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

Pictet Asset Management Holding SA lifted its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 6.5% during the 4th quarter, Holdings Channel reports. The firm owned 1,560,300 shares of the company’s stock after purchasing an additional 95,038 shares during the period. Pictet Asset Management Holding SA’s holdings in Crinetics Pharmaceuticals were worth $72,632,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Parkman Healthcare Partners LLC increased its holdings in shares of Crinetics Pharmaceuticals by 0.4% during the third quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company’s stock worth $3,071,000 after purchasing an additional 313 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of Crinetics Pharmaceuticals by 5.8% during the third quarter. PNC Financial Services Group Inc. now owns 5,952 shares of the company’s stock worth $248,000 after purchasing an additional 327 shares during the period. California State Teachers Retirement System increased its holdings in shares of Crinetics Pharmaceuticals by 0.6% during the second quarter. California State Teachers Retirement System now owns 75,484 shares of the company’s stock worth $2,171,000 after purchasing an additional 487 shares during the period. Arizona State Retirement System increased its holdings in shares of Crinetics Pharmaceuticals by 2.0% during the third quarter. Arizona State Retirement System now owns 26,300 shares of the company’s stock worth $1,095,000 after purchasing an additional 504 shares during the period. Finally, E Fund Management Co. Ltd. increased its holdings in shares of Crinetics Pharmaceuticals by 6.1% during the second quarter. E Fund Management Co. Ltd. now owns 10,131 shares of the company’s stock worth $291,000 after purchasing an additional 586 shares during the period. 98.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CRNX. Morgan Stanley raised their target price on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, January 6th. The Goldman Sachs Group raised shares of Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price objective on the stock in a research note on Monday, January 12th. Lifesci Capital raised shares of Crinetics Pharmaceuticals to a “strong-buy” rating in a research note on Friday, February 13th. Wall Street Zen cut shares of Crinetics Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. Finally, Citizens Jmp lifted their price objective on shares of Crinetics Pharmaceuticals from $96.00 to $97.00 and gave the company a “market outperform” rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $76.75.

Insider Activity

In other Crinetics Pharmaceuticals news, CFO Tobin Schilke sold 6,713 shares of the business’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $39.67, for a total transaction of $266,304.71. Following the sale, the chief financial officer owned 78,121 shares of the company’s stock, valued at approximately $3,099,060.07. The trade was a 7.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Stephen F. Betz sold 10,612 shares of the business’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $37.37, for a total transaction of $396,570.44. Following the sale, the insider directly owned 137,101 shares in the company, valued at approximately $5,123,464.37. The trade was a 7.18% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 142,380 shares of company stock valued at $5,569,475. 6.00% of the stock is currently owned by insiders.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ:CRNX opened at $38.15 on Wednesday. The company’s 50 day simple moving average is $38.72 and its 200 day simple moving average is $43.99. The stock has a market capitalization of $3.99 billion, a price-to-earnings ratio of -7.72 and a beta of 0.30. Crinetics Pharmaceuticals, Inc. has a 1 year low of $25.83 and a 1 year high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($1.29) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.37) by $0.08. The business had revenue of $6.16 million for the quarter, compared to analysts’ expectations of $4.32 million. Crinetics Pharmaceuticals had a negative net margin of 6,046.22% and a negative return on equity of 41.46%. The firm’s quarterly revenue was up NaN% compared to the same quarter last year. During the same period last year, the firm posted ($0.88) earnings per share. As a group, analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.9 EPS for the current fiscal year.

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.