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

Skandinaviska Enskilda Banken AB publ bought a new stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 18,117 shares of the company’s stock, valued at approximately $918,000.

Several other large investors also recently modified their holdings of the stock. Barclays PLC raised its stake in Crinetics Pharmaceuticals by 75.5% in the third quarter. Barclays PLC now owns 207,712 shares of the company’s stock valued at $10,614,000 after purchasing an additional 89,358 shares in the last quarter. Franklin Resources Inc. raised its position 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 valued at $73,815,000 after buying an additional 528,688 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 10.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock worth $94,458,000 after acquiring an additional 169,746 shares during the period. SG Americas Securities LLC boosted its position in shares of Crinetics Pharmaceuticals by 4,084.6% during the 4th quarter. SG Americas Securities LLC now owns 542,446 shares of the company’s stock worth $27,735,000 after acquiring an additional 529,483 shares in the last quarter. Finally, Jennison Associates LLC increased its stake in Crinetics Pharmaceuticals by 0.5% in the third quarter. Jennison Associates LLC now owns 2,793,614 shares of the company’s stock valued at $142,754,000 after acquiring an additional 13,470 shares during the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CRNX has been the topic of a number of research analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. Jefferies Financial Group raised Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research note on Wednesday, January 22nd. JMP Securities reissued a “market outperform” rating and set a $87.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. Wolfe Research began coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They issued a “peer perform” rating on the stock. Finally, TD Cowen began coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating for the company. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $72.64.

Insider Activity

In related news, insider Dana Pizzuti sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $39.07, for a total value of $195,350.00. Following the sale, the insider now directly 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 6.00% of the company’s stock.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ CRNX opened at $35.20 on Tuesday. The firm has a 50 day moving average price of $37.21 and a two-hundred day moving average price of $48.59. The stock has a market cap of $3.28 billion, a P/E ratio of -9.44 and a beta of 0.58. Crinetics Pharmaceuticals, Inc. has a 52-week low of $31.84 and a 52-week high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.88) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.04. Analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal 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.