Oppenheimer Asset Management Inc. Takes Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Oppenheimer Asset Management Inc. acquired a new position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 4,216 shares of the company’s stock, valued at approximately $215,000.

Other hedge funds have also recently bought and sold shares of the company. AQR Capital Management LLC lifted its stake in shares of Crinetics Pharmaceuticals by 3.3% in the 2nd quarter. AQR Capital Management LLC now owns 7,126 shares of the company’s stock worth $319,000 after acquiring an additional 227 shares during the period. US Bancorp DE lifted its position in Crinetics Pharmaceuticals by 3.4% in the third quarter. US Bancorp DE now owns 11,488 shares of the company’s stock worth $587,000 after purchasing an additional 373 shares during the period. Amalgamated Bank boosted its stake in Crinetics Pharmaceuticals by 20.8% during the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock valued at $121,000 after purchasing an additional 464 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Crinetics Pharmaceuticals by 23.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,895 shares of the company’s stock valued at $147,000 after purchasing an additional 541 shares during the period. Finally, Comerica Bank bought a new stake in shares of Crinetics Pharmaceuticals in the 1st quarter worth $33,000. 98.51% of the stock is currently owned by institutional investors.

Crinetics Pharmaceuticals Stock Up 1.6 %

CRNX stock opened at $56.07 on Thursday. The firm has a market cap of $5.20 billion, a price-to-earnings ratio of -15.03 and a beta of 0.62. The company’s fifty day simple moving average is $55.20 and its 200 day simple moving average is $51.46. Crinetics Pharmaceuticals, Inc. has a 12-month low of $29.72 and a 12-month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same quarter in the previous year, the company posted ($1.01) earnings per share. Research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.75 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CRNX shares. Oppenheimer reissued an “outperform” rating and set a $73.00 price objective (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Citigroup raised their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. JMP Securities reissued a “market outperform” rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Finally, HC Wainwright increased their price objective on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $70.18.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Stephen F. Betz sold 1,035 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total transaction of $53,302.50. Following the transaction, the insider now owns 68,576 shares of the company’s stock, valued at approximately $3,531,664. This trade represents a 1.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Dana Pizzuti sold 14,375 shares of the stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total transaction of $785,306.25. Following the sale, the insider now directly owns 28,507 shares of the company’s stock, valued at $1,557,337.41. The trade was a 33.52 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,410 shares of company stock worth $2,275,929. Company insiders own 6.00% of the company’s stock.

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.