Handelsbanken Fonder AB Has $1.35 Million Stock Holdings in Crinetics Pharmaceuticals, Inc. $CRNX

Handelsbanken Fonder AB increased its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 22.0% during the second quarter, Holdings Channel reports. The firm owned 36,000 shares of the company’s stock after buying an additional 6,500 shares during the quarter. Handelsbanken Fonder AB’s holdings in Crinetics Pharmaceuticals were worth $1,347,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Parkman Healthcare Partners LLC grew its holdings in Crinetics Pharmaceuticals by 0.4% during the third quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company’s stock worth $3,071,000 after purchasing an additional 313 shares during the period. Parallel Advisors LLC raised its stake in Crinetics Pharmaceuticals by 34.6% in the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock valued at $57,000 after buying an additional 315 shares during the period. Smartleaf Asset Management LLC raised its stake 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 buying an additional 331 shares during the period. Brooklyn Investment Group lifted its position in shares of Crinetics Pharmaceuticals by 6.3% in the fourth quarter. Brooklyn Investment Group now owns 5,890 shares of the company’s stock valued at $280,000 after buying an additional 348 shares during the last quarter. Finally, Commerce Bank lifted its position in shares of Crinetics Pharmaceuticals by 5.9% in the fourth quarter. Commerce Bank now owns 8,019 shares of the company’s stock valued at $373,000 after buying an additional 444 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CRNX shares. Lifesci Capital lowered Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Jefferies Financial Group downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and raised their price target for the company from $55.00 to $85.00 in a report on Tuesday, July 7th. HC Wainwright downgraded shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and upped their price objective for the company from $81.00 to $85.00 in a report on Tuesday, July 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Friday, July 17th. Finally, Oppenheimer restated a “market perform” rating on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 7th. Five research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Crinetics Pharmaceuticals presently has an average rating of “Hold” and an average target price of $81.00.

Crinetics Pharmaceuticals Price Performance

Crinetics Pharmaceuticals stock opened at $84.72 on Wednesday. The firm has a market cap of $8.99 billion, a PE ratio of -16.81 and a beta of 0.12. The stock’s fifty day moving average price is $66.01 and its two-hundred day moving average price is $48.69. Crinetics Pharmaceuticals, Inc. has a one year low of $28.73 and a one year high of $84.80.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Monday, August 3rd. The company reported ($1.14) EPS for the quarter, beating the consensus estimate of ($1.18) by $0.04. The company had revenue of $25.12 million during the quarter, compared to analysts’ expectations of $14.84 million. Crinetics Pharmaceuticals had a negative net margin of 1,189.88% and a negative return on equity of 44.22%. The business’s revenue for the quarter was up 2336.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.23) EPS. Sell-side analysts expect that Crinetics Pharmaceuticals, Inc. will post -4.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the director directly owned 19,225 shares in the company, valued at $769,000. The trade was a 13.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total value of $246,123.00. Following the sale, the director owned 6,400 shares of the company’s stock, valued at $228,288. The trade was a 51.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.80% of the company’s stock.

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.