Crinetics Pharmaceuticals, Inc. $CRNX Position Boosted by Skandinaviska Enskilda Banken AB publ

Skandinaviska Enskilda Banken AB publ increased its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 885.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 178,584 shares of the company’s stock after purchasing an additional 160,467 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Crinetics Pharmaceuticals were worth $7,438,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in CRNX. Headlands Technologies LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the 2nd quarter valued at $30,000. Farther Finance Advisors LLC raised its position in shares of Crinetics Pharmaceuticals by 523.7% during the third quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock worth $35,000 after purchasing an additional 707 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Crinetics Pharmaceuticals during the second quarter worth $45,000. Penserra Capital Management LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the second quarter valued at $48,000. Finally, Covestor Ltd boosted its position in shares of Crinetics Pharmaceuticals by 23,983.3% in the 3rd quarter. Covestor Ltd now owns 1,445 shares of the company’s stock valued at $60,000 after purchasing an additional 1,439 shares during the period. Institutional investors and hedge funds own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

NASDAQ CRNX opened at $44.00 on Friday. The company has a 50 day simple moving average of $49.42 and a 200-day simple moving average of $42.47. The firm has a market capitalization of $4.50 billion, a price-to-earnings ratio of -9.71 and a beta of 0.19. Crinetics Pharmaceuticals, Inc. has a 52-week low of $24.10 and a 52-week high of $57.99.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, insider Isabel Kalofonos sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $55.00, for a total value of $137,500.00. Following the transaction, the insider owned 834 shares in the company, valued at approximately $45,870. This represents a 74.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.60% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Wall Street Zen downgraded Crinetics Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, February 14th. Lifesci Capital raised shares of Crinetics Pharmaceuticals to a “strong-buy” rating in a research report on Friday, February 13th. Morgan Stanley upped their price target on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, January 6th. The Goldman Sachs Group raised shares of 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. Finally, Citizens Jmp lowered their price objective on shares of Crinetics Pharmaceuticals from $108.00 to $105.00 and set a “market outperform” rating on the stock in a research report on Thursday, January 8th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $75.78.

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.