Assenagon Asset Management S.A. Takes $514,000 Position in Crinetics Pharmaceuticals, Inc. $CRNX

Assenagon Asset Management S.A. bought a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) in the third quarter, according to the company in its most recent filing with the SEC. The fund bought 12,338 shares of the company’s stock, valued at approximately $514,000.

Several other hedge funds have also recently bought and sold shares of CRNX. Driehaus Capital Management LLC lifted its position in Crinetics Pharmaceuticals by 1.6% during the first quarter. Driehaus Capital Management LLC now owns 6,239,902 shares of the company’s stock valued at $209,286,000 after buying an additional 98,888 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Crinetics Pharmaceuticals by 1.0% in the 2nd quarter. Geode Capital Management LLC now owns 2,213,325 shares of the company’s stock valued at $63,662,000 after acquiring an additional 22,393 shares during the period. Paradigm Biocapital Advisors LP lifted its holdings in shares of Crinetics Pharmaceuticals by 1.9% during the 1st quarter. Paradigm Biocapital Advisors LP now owns 1,946,168 shares of the company’s stock valued at $65,274,000 after acquiring an additional 35,407 shares in the last quarter. Siren L.L.C. lifted its holdings in shares of Crinetics Pharmaceuticals by 4.9% during the 1st quarter. Siren L.L.C. now owns 1,688,611 shares of the company’s stock valued at $56,636,000 after acquiring an additional 78,959 shares in the last quarter. Finally, Vestal Point Capital LP purchased a new stake in Crinetics Pharmaceuticals during the 1st quarter worth $50,310,000. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $42.66, for a total transaction of $213,300.00. Following the completion of the transaction, the insider owned 66,270 shares in the company, valued at $2,827,078.20. The trade was a 7.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 4.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. JPMorgan Chase & Co. cut their price objective on Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 24th. Morgan Stanley increased their target price on Crinetics Pharmaceuticals from $65.00 to $77.00 and gave the company an “overweight” rating in a research note on Monday, September 29th. Citizens Jmp decreased their price target on shares of Crinetics Pharmaceuticals from $143.00 to $108.00 and set a “market outperform” rating for the company in a research report on Friday, November 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Wednesday, October 8th. Finally, Oppenheimer boosted their target price on shares of Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $77.55.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock opened at $48.36 on Friday. Crinetics Pharmaceuticals, Inc. has a 1 year low of $24.10 and a 1 year high of $54.17. The firm’s 50-day moving average is $44.71 and its 200-day moving average is $37.19. The company has a market cap of $4.59 billion, a P/E ratio of -10.68 and a beta of 0.20.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($1.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.11). The company had revenue of $0.14 million for the quarter, compared to analyst estimates of $0.39 million. During the same period in the previous year, the company posted ($0.96) earnings per share. As a group, sell-side analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

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.