16,000 Shares in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS bought a new position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 16,000 shares of the company’s stock, valued at approximately $818,000.

A number of other hedge funds have also added to or reduced their stakes in CRNX. Venturi Wealth Management LLC bought a new position in shares of Crinetics Pharmaceuticals in the fourth quarter valued at approximately $41,000. Harvest Fund Management Co. Ltd bought a new position in Crinetics Pharmaceuticals in the 4th quarter valued at $66,000. KBC Group NV grew its position in shares of Crinetics Pharmaceuticals by 69.3% during the 4th quarter. KBC Group NV now owns 3,712 shares of the company’s stock valued at $190,000 after purchasing an additional 1,519 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Crinetics Pharmaceuticals by 13.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company’s stock worth $254,000 after purchasing an additional 600 shares during the period. Finally, Oppenheimer Asset Management Inc. raised its position in shares of Crinetics Pharmaceuticals by 19.5% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 5,038 shares of the company’s stock worth $258,000 after buying an additional 822 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research report on Wednesday, January 22nd. JMP Securities restated a “market outperform” rating and issued a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. HC Wainwright reiterated a “buy” rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. Stifel Nicolaus assumed coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They issued a “buy” rating and a $60.00 price target on the stock. Finally, TD Cowen started coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating on the stock. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $73.00.

Insider Transactions at Crinetics Pharmaceuticals

In related news, COO Jeff E. Knight sold 7,162 shares of the business’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $244,940.40. Following the sale, the chief operating officer now directly owns 87,491 shares in the company, valued at approximately $2,992,192.20. The trade was a 7.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Dana Pizzuti sold 5,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $39.07, for a total value of $195,350.00. Following the transaction, the insider now directly owns 31,748 shares of the company’s stock, valued at approximately $1,240,394.36. The trade was a 13.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,015 shares of company stock valued at $1,119,263. 6.00% of the stock is currently owned by corporate insiders.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock opened at $33.54 on Tuesday. The stock has a fifty day simple moving average of $35.94 and a two-hundred day simple moving average of $47.39. The firm has a market capitalization of $3.12 billion, a PE ratio of -8.99 and a beta of 0.58. Crinetics Pharmaceuticals, Inc. has a 52-week low of $31.65 and a 52-week high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.92) by $0.04. On average, sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.