Glenmede Trust Co. NA Grows Holdings in Crinetics Pharmaceuticals, Inc. $CRNX

Glenmede Trust Co. NA lifted its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 72.6% during the 1st quarter, HoldingsChannel.com reports. The fund owned 29,245 shares of the company’s stock after purchasing an additional 12,301 shares during the quarter. Glenmede Trust Co. NA’s holdings in Crinetics Pharmaceuticals were worth $1,062,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Parkman Healthcare Partners LLC increased its holdings in Crinetics Pharmaceuticals by 0.4% in the 3rd quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company’s stock valued at $3,071,000 after purchasing an additional 313 shares during the last quarter. Parallel Advisors LLC lifted its stake in Crinetics Pharmaceuticals by 34.6% during the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after purchasing an additional 315 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in 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. Brooklyn Investment Group boosted its position in shares of Crinetics Pharmaceuticals by 6.3% during the fourth quarter. Brooklyn Investment Group now owns 5,890 shares of the company’s stock worth $280,000 after buying an additional 348 shares during the period. Finally, Commerce Bank boosted its position in shares of Crinetics Pharmaceuticals by 5.9% during the fourth quarter. Commerce Bank now owns 8,019 shares of the company’s stock worth $373,000 after buying an additional 444 shares during the period. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on CRNX shares. Piper Sandler downgraded Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. HC Wainwright downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and lifted their target price for the company from $81.00 to $85.00 in a research report on Tuesday, July 7th. Robert W. Baird boosted their price target on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 7th. JonesTrading cut 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. Finally, Wall Street Zen raised shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 12th. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Crinetics Pharmaceuticals presently has an average rating of “Hold” and a consensus price target of $81.00.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX opened at $83.92 on Friday. Crinetics Pharmaceuticals, Inc. has a 1 year low of $25.83 and a 1 year high of $84.09. The stock has a market capitalization of $8.90 billion, a PE ratio of -16.65 and a beta of 0.12. The stock has a 50-day simple moving average of $57.94 and a 200-day simple moving average of $46.98.

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

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the stock in a transaction that occurred on Thursday, July 2nd. The shares were 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 represents a 13.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the firm’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total transaction of $246,123.00. Following the completion of the sale, the director owned 6,400 shares in the company, valued at $228,288. The trade was a 51.88% decrease in their ownership of the stock. 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. Corporate insiders own 3.80% of the company’s stock.

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.