Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Holdings Trimmed by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA cut its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 6.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 848,050 shares of the company's stock after selling 60,099 shares during the period. Pictet Asset Management Holding SA owned about 0.91% of Crinetics Pharmaceuticals worth $43,361,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Venturi Wealth Management LLC bought a new position in Crinetics Pharmaceuticals in the fourth quarter worth about $41,000. Harvest Fund Management Co. Ltd acquired a new position in Crinetics Pharmaceuticals during the 4th quarter valued at approximately $66,000. KBC Group NV grew its stake in Crinetics Pharmaceuticals by 69.3% during the 4th quarter. KBC Group NV now owns 3,712 shares of the company's stock worth $190,000 after buying an additional 1,519 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Crinetics Pharmaceuticals by 13.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company's stock worth $254,000 after buying an additional 600 shares during the period. Finally, Oppenheimer Asset Management Inc. lifted its stake in Crinetics Pharmaceuticals by 19.5% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 5,038 shares of the company's stock valued at $258,000 after buying an additional 822 shares during the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, COO Jeff E. Knight sold 7,162 shares of the stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $244,940.40. Following the completion of the transaction, the chief operating officer now owns 87,491 shares in the company, valued at $2,992,192.20. This trade represents a 7.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Richard Scott Struthers sold 17,338 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $592,959.60. Following the completion of the transaction, the chief executive officer now directly owns 329,147 shares in the company, valued at $11,256,827.40. This represents a 5.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,015 shares of company stock worth $1,119,263 in the last ninety days. 6.00% of the stock is currently owned by corporate insiders.

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Wall Street Analyst Weigh In

Several research firms have recently commented on CRNX. Wolfe Research started coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They set a "peer perform" rating for the company. TD Cowen started coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They issued a "buy" rating for the company. Stifel Nicolaus started coverage on Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They set a "buy" rating and a $60.00 price target on the stock. Jefferies Financial Group raised Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 price objective for the company in a report on Wednesday, January 22nd. Finally, HC Wainwright restated a "buy" rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $73.00.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX traded down $1.98 during midday trading on Friday, reaching $26.89. The stock had a trading volume of 1,211,667 shares, compared to its average volume of 834,912. Crinetics Pharmaceuticals, Inc. has a 52 week low of $26.48 and a 52 week high of $62.53. The firm's 50 day moving average price is $35.19 and its 200-day moving average price is $46.80. The company has a market capitalization of $2.50 billion, a P/E ratio of -7.21 and a beta of 0.37.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.88) EPS for the quarter, topping the consensus estimate of ($0.92) by $0.04. On average, equities analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Crinetics Pharmaceuticals Profile

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.