JPMorgan Chase & Co. Grows Stake in Crinetics Pharmaceuticals, Inc. $CRNX

JPMorgan Chase & Co. increased its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 279.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,258,722 shares of the company’s stock after acquiring an additional 926,765 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.34% of Crinetics Pharmaceuticals worth $52,426,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Headlands Technologies LLC acquired a new stake in shares of Crinetics Pharmaceuticals in the 2nd quarter worth about $30,000. Farther Finance Advisors LLC grew its stake in Crinetics Pharmaceuticals by 523.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock valued at $35,000 after acquiring an additional 707 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Crinetics Pharmaceuticals during the second quarter worth $45,000. Penserra Capital Management LLC bought a new stake in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at approximately $48,000. Finally, Covestor Ltd increased its position in Crinetics Pharmaceuticals by 23,983.3% during the third quarter. Covestor Ltd now owns 1,445 shares of the company’s stock worth $60,000 after buying an additional 1,439 shares during the last quarter. Institutional investors own 98.51% of the company’s stock.

Insider Activity

In other news, insider Isabel Kalofonos sold 2,500 shares of the stock in a transaction on Monday, January 5th. The stock was sold at an average price of $55.00, for a total transaction of $137,500.00. Following the sale, the insider directly owned 834 shares of the company’s stock, valued at approximately $45,870. This represents a 74.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 4.60% of the company’s stock.

Analysts Set New Price Targets

CRNX has been the subject of a number of research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, January 21st. Wall Street Zen lowered shares of Crinetics Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, February 14th. Lifesci Capital upgraded Crinetics Pharmaceuticals to a “strong-buy” rating in a research report on Friday, February 13th. Citizens Jmp reduced their target price 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. Finally, Morgan Stanley upped their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $75.78.

Crinetics Pharmaceuticals Price Performance

Shares of Crinetics Pharmaceuticals stock opened at $43.39 on Thursday. The company has a market capitalization of $4.43 billion, a price-to-earnings ratio of -9.58 and a beta of 0.19. The business has a fifty day simple moving average of $49.00 and a two-hundred day simple moving average of $43.01. Crinetics Pharmaceuticals, Inc. has a 1 year low of $24.10 and a 1 year high of $57.99.

Crinetics Pharmaceuticals Company 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.