Oppenheimer Asset Management Inc. Grows Stock Position in Crinetics Pharmaceuticals, Inc. $CRNX

Oppenheimer Asset Management Inc. lifted its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 235.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,786 shares of the company’s stock after purchasing an additional 12,489 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Crinetics Pharmaceuticals were worth $828,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Comerica Bank boosted its holdings in Crinetics Pharmaceuticals by 420.1% in the fourth quarter. Comerica Bank now owns 3,396 shares of the company’s stock valued at $158,000 after purchasing an additional 2,743 shares during the period. Pictet Asset Management Holding SA boosted its holdings in Crinetics Pharmaceuticals by 6.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,560,300 shares of the company’s stock valued at $72,632,000 after purchasing an additional 95,038 shares during the period. UBS Group AG boosted its holdings in Crinetics Pharmaceuticals by 122.7% in the fourth quarter. UBS Group AG now owns 908,192 shares of the company’s stock valued at $42,276,000 after purchasing an additional 500,470 shares during the period. Impax Asset Management Group plc purchased a new stake in Crinetics Pharmaceuticals during the 4th quarter worth about $12,801,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH boosted its position in shares of Crinetics Pharmaceuticals by 5.3% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 408,312 shares of the company’s stock worth $19,007,000 after acquiring an additional 20,387 shares in the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Monday, April 20th. Wall Street Zen cut Crinetics Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. Lifesci Capital raised Crinetics Pharmaceuticals to a “strong-buy” rating in a research report on Friday, February 13th. The Goldman Sachs Group raised Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price objective for the company in a research report on Monday, January 12th. Finally, Citizens Jmp upped their price objective on Crinetics Pharmaceuticals from $96.00 to $97.00 and gave the stock a “market outperform” rating in a research report on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $76.75.

Crinetics Pharmaceuticals Stock Performance

NASDAQ:CRNX opened at $41.71 on Thursday. The stock has a 50-day simple moving average of $38.42 and a 200-day simple moving average of $43.88. The stock has a market cap of $4.40 billion, a P/E ratio of -8.44 and a beta of 0.28. Crinetics Pharmaceuticals, Inc. has a 1 year low of $25.83 and a 1 year high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Thursday, February 26th. The company reported ($1.29) earnings per share for the quarter, beating the consensus estimate of ($1.37) by $0.08. The business had revenue of $6.16 million during the quarter, compared to the consensus estimate of $4.32 million. Crinetics Pharmaceuticals had a negative return on equity of 41.46% and a negative net margin of 6,046.22%.The business’s quarterly revenue was up NaN% on a year-over-year basis. During the same period in the previous year, the business earned ($0.88) EPS. On average, equities research analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.95 EPS for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In related news, CEO Richard Scott Struthers sold 21,981 shares of the company’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $37.37, for a total value of $821,429.97. Following the completion of the sale, the chief executive officer directly owned 404,778 shares of the company’s stock, valued at $15,126,553.86. This represents a 5.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Coelho Rogerio Vivaldi sold 5,000 shares of the company’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $36.15, for a total value of $180,750.00. Following the completion of the sale, the director directly owned 16,300 shares of the company’s stock, valued at approximately $589,245. This trade represents a 23.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 142,380 shares of company stock worth $5,569,475. Insiders own 4.60% of the company’s stock.

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.