Skandinaviska Enskilda Banken AB publ Makes New Investment in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 18,117 shares of the company's stock, valued at approximately $918,000.

A number of other large investors also recently bought and sold shares of CRNX. FMR LLC increased its position in shares of Crinetics Pharmaceuticals by 8.8% during the third quarter. FMR LLC now owns 4,455,770 shares of the company's stock worth $227,690,000 after acquiring an additional 358,975 shares during the period. State Street Corp increased its holdings in Crinetics Pharmaceuticals by 0.9% during the 3rd quarter. State Street Corp now owns 2,838,484 shares of the company's stock worth $145,047,000 after purchasing an additional 25,561 shares during the period. Jennison Associates LLC raised its position in Crinetics Pharmaceuticals by 0.5% during the 3rd quarter. Jennison Associates LLC now owns 2,793,614 shares of the company's stock valued at $142,754,000 after purchasing an additional 13,470 shares in the last quarter. Geode Capital Management LLC raised its position in Crinetics Pharmaceuticals by 10.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company's stock valued at $94,458,000 after purchasing an additional 169,746 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of Crinetics Pharmaceuticals by 61.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company's stock worth $73,815,000 after buying an additional 528,688 shares during the period. Hedge funds and other institutional investors own 98.51% of the company's stock.

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Wall Street Analyst Weigh In

CRNX has been the subject of a number of research reports. JMP Securities reaffirmed a "market outperform" rating and issued a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. HC Wainwright reissued a "buy" rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 target price for the company in a report on Wednesday, January 22nd. Wolfe Research began coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They issued a "peer perform" rating on the stock. Finally, TD Cowen began coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a "buy" rating on the stock. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, Crinetics Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $74.30.

Insiders Place Their Bets

In other news, insider Dana Pizzuti sold 5,000 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $39.07, for a total value of $195,350.00. Following the sale, the insider now owns 31,748 shares in the company, valued at $1,240,394.36. This represents a 13.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.00% of the stock is currently owned by insiders.

Crinetics Pharmaceuticals Stock Up 0.3 %

Shares of CRNX traded up $0.09 during trading hours on Friday, reaching $34.42. 2,319,083 shares of the company traded hands, compared to its average volume of 814,769. The business has a fifty day moving average price of $36.34 and a 200-day moving average price of $48.26. Crinetics Pharmaceuticals, Inc. has a 12-month low of $31.84 and a 12-month high of $62.53. The stock has a market capitalization of $3.20 billion, a P/E ratio of -9.23 and a beta of 0.58.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share for the quarter, beating the consensus estimate of ($0.92) by $0.04. As a group, research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.