SEB Asset Management AB Purchases Shares of 213,891 Crinetics Pharmaceuticals, Inc. $CRNX

SEB Asset Management AB bought a new stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 213,891 shares of the company’s stock, valued at approximately $7,769,000. SEB Asset Management AB owned about 0.20% of Crinetics Pharmaceuticals at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Parkman Healthcare Partners LLC increased its holdings in shares of Crinetics Pharmaceuticals by 0.4% during the 3rd quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company’s stock worth $3,071,000 after buying an additional 313 shares during the last quarter. Parallel Advisors LLC raised its position in shares of Crinetics Pharmaceuticals by 34.6% in the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after buying an additional 315 shares during the period. Smartleaf Asset Management LLC boosted its holdings in Crinetics Pharmaceuticals by 107.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock valued at $30,000 after acquiring an additional 331 shares during the last quarter. Brooklyn Investment Group grew its position in Crinetics Pharmaceuticals by 6.3% during the fourth quarter. Brooklyn Investment Group now owns 5,890 shares of the company’s stock valued at $280,000 after acquiring an additional 348 shares during the period. Finally, Commerce Bank grew its position in Crinetics Pharmaceuticals by 5.9% during the fourth quarter. Commerce Bank now owns 8,019 shares of the company’s stock valued at $373,000 after acquiring an additional 444 shares during the period. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX opened at $83.90 on Wednesday. The company has a market capitalization of $8.85 billion, a P/E ratio of -16.35 and a beta of 0.23. Crinetics Pharmaceuticals, Inc. has a one year low of $25.83 and a one year high of $84.00. The stock has a 50-day moving average price of $46.60 and a 200 day moving average price of $44.30.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The business had revenue of $10.73 million for the quarter, compared to analyst estimates of $8.51 million. During the same quarter last year, the business earned ($1.04) EPS. Crinetics Pharmaceuticals’s revenue for the quarter was up 2873.4% compared to the same quarter last year. As a group, equities research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Stephanie Okey sold 6,900 shares of the business’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the sale, the director owned 6,400 shares of the company’s stock, valued at approximately $228,288. The trade was a 51.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 3,000 shares of the company’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the sale, the director owned 19,225 shares in the company, valued at approximately $769,000. This trade represents a 13.50% decrease in their position. 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. 3.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CRNX has been the topic of several research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Friday. Lifesci Capital downgraded shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Cantor Fitzgerald lowered shares of Crinetics Pharmaceuticals from an “overweight” rating to a “hold” rating in a research report on Tuesday, July 7th. Jefferies Financial Group lowered shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and lifted their target price for the company from $55.00 to $85.00 in a report on Tuesday, July 7th. Finally, UBS Group assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Thursday, July 2nd. They set a “buy” rating and a $55.00 price target for the company. Six investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $78.27.

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.