Crinetics Pharmaceuticals, Inc. $CRNX Stock Position Lifted by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management Holding SA increased its Crinetics Pharmaceuticals stake by 20.8% in the first quarter, bringing its holdings to 1.88 million shares worth about $68.2 million.
• Several insiders sold shares, including Jeff E. Knight and Director Stephanie Okey, in pre-arranged Rule 10b5-1 transactions. Company insiders still own 3.8% of the stock.
• Analysts remain mostly positive, with a Moderate Buy consensus and an average price target of $76.12. Crinetics last reported a narrower-than-expected quarterly EPS loss and revenue that beat estimates.

Pictet Asset Management Holding SA lifted its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 20.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,884,281 shares of the company's stock after acquiring an additional 323,981 shares during the quarter. Pictet Asset Management Holding SA owned 1.80% of Crinetics Pharmaceuticals worth $68,204,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. 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 worth $30,000 after purchasing an additional 331 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the second quarter worth $30,000. Parallel Advisors LLC lifted 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 last quarter. Arax Advisory Partners lifted its position in shares of Crinetics Pharmaceuticals by 131.2% in the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company's stock worth $70,000 after buying an additional 850 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at about $45,000. 98.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Jeff E. Knight sold 85,163 shares of the company's stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $40.10, for a total value of $3,415,036.30. Following the completion of the sale, the insider directly owned 105,289 shares in the company, valued at $4,222,088.90. This represents a 44.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total value of $246,123.00. Following the transaction, the director directly owned 6,400 shares of the company's stock, valued at approximately $228,288. The trade was a 51.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.80% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 17th. Citizens Jmp reissued a "market outperform" rating and issued a $95.00 target price on shares of Crinetics Pharmaceuticals in a report on Thursday, June 11th. HC Wainwright restated a "buy" rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, June 15th. Oppenheimer lowered their target price on Crinetics Pharmaceuticals from $87.00 to $84.00 and set an "outperform" rating for the company in a report on Monday, May 11th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a research report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $76.12.

Crinetics Pharmaceuticals Stock Up 0.7%

Shares of NASDAQ CRNX opened at $36.94 on Tuesday. The stock has a market cap of $3.89 billion, a P/E ratio of -7.20 and a beta of 0.24. The firm's 50-day simple moving average is $36.67 and its 200 day simple moving average is $41.81. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $25.83 and a fifty-two week high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share (EPS) 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 company had revenue of $10.73 million during the quarter, compared to the consensus estimate of $8.51 million. During the same quarter in the prior year, the company earned ($1.04) EPS. The business's quarterly revenue was up 2873.4% on a year-over-year basis. On average, sell-side analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.86 earnings per share for the current fiscal year.

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.

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