Pictet Asset Management Holding SA Has $72.63 Million Stock Holdings in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Pictet Asset Management raised its stake in Crinetics to 1,560,300 shares (a 6.5% increase), valued at about $72.63 million and representing roughly 1.64% of the company at quarter-end.
• Company insiders have been net sellers recently—142,380 shares sold in the last 90 days worth about $5.57 million—leaving insiders with 6.0% ownership while institutional investors own 98.51%.
• Analyst sentiment is mixed but generally positive: the stock has a consensus rating of "Moderate Buy" with a $76.75 consensus target, alongside notable upgrades (Goldman Sachs, Morgan Stanley) and a lone Weiss Ratings "sell (D-)" view.

Pictet Asset Management Holding SA lifted its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 6.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,560,300 shares of the company's stock after buying an additional 95,038 shares during the period. Pictet Asset Management Holding SA owned about 1.64% of Crinetics Pharmaceuticals worth $72,632,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CRNX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Crinetics Pharmaceuticals by 11.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company's stock worth $1,995,000 after buying an additional 6,148 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Crinetics Pharmaceuticals by 6.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,581 shares of the company's stock worth $11,658,000 after buying an additional 22,305 shares during the last quarter. Strs Ohio acquired a new position in shares of Crinetics Pharmaceuticals during the 1st quarter worth about $124,000. Invesco Ltd. boosted its stake in shares of Crinetics Pharmaceuticals by 11.7% during the 2nd quarter. Invesco Ltd. now owns 78,140 shares of the company's stock worth $2,247,000 after buying an additional 8,181 shares during the last quarter. Finally, Sei Investments Co. boosted its stake in shares of Crinetics Pharmaceuticals by 20.6% during the 2nd quarter. Sei Investments Co. now owns 60,180 shares of the company's stock worth $1,731,000 after buying an additional 10,269 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 5,000 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $36.15, for a total value of $180,750.00. Following the transaction, the director directly owned 16,300 shares of the company's stock, valued at $589,245. This represents a 23.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Tobin Schilke sold 6,713 shares of the firm's stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $39.67, for a total transaction of $266,304.71. Following the transaction, the chief financial officer directly owned 78,121 shares in the company, valued at $3,099,060.07. This represents a 7.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 142,380 shares of company stock worth $5,569,475. 6.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. The Goldman Sachs Group upgraded 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. Lifesci Capital upgraded shares of Crinetics Pharmaceuticals to a "strong-buy" rating in a research note on Friday, February 13th. Citizens Jmp increased their price objective on shares of Crinetics Pharmaceuticals from $96.00 to $97.00 and gave the stock a "market outperform" rating in a research note on Tuesday. Weiss Ratings reiterated a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a research note on Monday, April 20th. Finally, Morgan Stanley raised their target price on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an "overweight" rating in a research note on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $76.75.

Crinetics Pharmaceuticals Stock Down 1.2%

Crinetics Pharmaceuticals stock opened at $38.15 on Wednesday. The stock has a market cap of $3.99 billion, a P/E ratio of -7.72 and a beta of 0.30. Crinetics Pharmaceuticals, Inc. has a twelve month low of $25.83 and a twelve month high of $57.99. The company's 50-day moving average price is $38.72 and its two-hundred day moving average price is $43.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The company reported ($1.29) earnings per share for the quarter, beating the consensus estimate of ($1.37) by $0.08. The firm had revenue of $6.16 million for the quarter, compared to analysts' expectations of $4.32 million. Crinetics Pharmaceuticals had a negative net margin of 6,046.22% and a negative return on equity of 41.46%. The business's revenue was up NaN% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.88) EPS. Equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.9 earnings per share for the current fiscal 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.

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