Crinetics Pharmaceuticals, Inc. $CRNX Shares Purchased by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lifted its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 235.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,786 shares of the company’s stock after purchasing an additional 12,489 shares during the quarter. 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 large investors have also recently made changes to their positions in CRNX. Wellington Management Group LLP boosted its position 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 valued at $349,110,000 after purchasing an additional 2,574,683 shares during the period. Farallon Capital Management LLC raised its stake in Crinetics Pharmaceuticals by 24.2% during the 3rd quarter. Farallon Capital Management LLC now owns 5,770,098 shares of the company’s stock valued at $240,325,000 after acquiring an additional 1,124,000 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Crinetics Pharmaceuticals by 279.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock valued at $52,426,000 after acquiring an additional 926,765 shares during the last quarter. UBS Group AG raised its stake in Crinetics Pharmaceuticals by 122.7% during the 4th quarter. UBS Group AG now owns 908,192 shares of the company’s stock valued at $42,276,000 after acquiring an additional 500,470 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Crinetics Pharmaceuticals by 157.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 614,816 shares of the company’s stock valued at $25,607,000 after acquiring an additional 376,206 shares during the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRNX has been the subject of several analyst reports. Wall Street Zen downgraded Crinetics Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. Lifesci Capital raised Crinetics Pharmaceuticals to a “strong-buy” rating in a research note 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 note on Monday, January 12th. Citizens Jmp upped their price objective on Crinetics Pharmaceuticals from $96.00 to $97.00 and gave the company a “market outperform” rating in a research note on Tuesday, April 28th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $76.75.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, insider Stephen F. Betz sold 10,612 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 137,101 shares of the company’s stock, valued at approximately $5,123,464.37. This represents a 7.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Tobin Schilke sold 6,713 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $39.67, for a total value of $266,304.71. Following the transaction, the chief financial officer directly owned 78,121 shares of the company’s stock, valued at approximately $3,099,060.07. This trade represents a 7.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 142,380 shares of company stock worth $5,569,475. 4.60% of the stock is currently owned by company insiders.

Crinetics Pharmaceuticals Trading Up 2.4%

Shares of CRNX stock opened at $41.71 on Thursday. The company has a market cap of $4.40 billion, a price-to-earnings ratio of -8.44 and a beta of 0.28. The stock has a 50 day simple moving average of $38.42 and a 200-day simple moving average of $43.88. Crinetics Pharmaceuticals, Inc. has a 12-month low of $25.83 and a 12-month high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Thursday, February 26th. The company reported ($1.29) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company’s revenue for the quarter was up NaN% on a year-over-year basis. During the same period in the prior year, the business posted ($0.88) EPS. On average, equities analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.95 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.