Jennison Associates LLC Boosts Stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Jennison Associates LLC lifted its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 77.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,547,683 shares of the company’s stock after purchasing an additional 1,113,992 shares during the period. Jennison Associates LLC owned about 3.81% of Crinetics Pharmaceuticals worth $90,647,000 as of its most recent filing with the Securities & Exchange Commission.

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 97.7% in the third quarter. FMR LLC now owns 2,140,861 shares of the company’s stock valued at $63,669,000 after buying an additional 1,057,947 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Crinetics Pharmaceuticals by 24.7% during the third quarter. Vanguard Group Inc. now owns 3,407,035 shares of the company’s stock valued at $101,325,000 after purchasing an additional 674,301 shares in the last quarter. Avidity Partners Management LP acquired a new stake in shares of Crinetics Pharmaceuticals in the third quarter valued at about $18,141,000. Eventide Asset Management LLC increased its stake in shares of Crinetics Pharmaceuticals by 134.3% during the third quarter. Eventide Asset Management LLC now owns 1,018,782 shares of the company’s stock worth $30,299,000 after purchasing an additional 584,014 shares in the last quarter. Finally, Affinity Asset Advisors LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the third quarter worth about $13,383,000. Institutional investors and hedge funds own 98.51% of the company’s stock.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 40,951 shares of the firm’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $49.17, for a total transaction of $2,013,560.67. Following the completion of the sale, the chief executive officer now owns 237,835 shares of the company’s stock, valued at $11,694,346.95. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CFO Marc Wilson sold 6,942 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $42.91, for a total value of $297,881.22. Following the sale, the chief financial officer now directly owns 110,630 shares of the company’s stock, valued at approximately $4,747,133.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Richard Scott Struthers sold 40,951 shares of the stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $49.17, for a total transaction of $2,013,560.67. Following the transaction, the chief executive officer now directly owns 237,835 shares of the company’s stock, valued at approximately $11,694,346.95. The disclosure for this sale can be found here. Over the last three months, insiders sold 190,216 shares of company stock worth $8,621,177. Company insiders own 7.00% of the company’s stock.

Wall Street Analysts Forecast Growth

CRNX has been the topic of several research analyst reports. HC Wainwright reiterated a “buy” rating and issued a $50.00 price objective on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 19th. Robert W. Baird boosted their price target on Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, February 29th. Citigroup began coverage on Crinetics Pharmaceuticals in a research note on Wednesday, March 6th. They issued a “buy” rating and a $68.00 price objective for the company. JMP Securities reaffirmed a “market outperform” rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a research note on Thursday, March 28th. Finally, Oppenheimer upped their target price on shares of Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Wednesday, March 20th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $54.17.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX opened at $43.44 on Tuesday. Crinetics Pharmaceuticals, Inc. has a 12-month low of $15.76 and a 12-month high of $49.58. The firm has a 50-day moving average price of $42.50 and a 200 day moving average price of $36.36.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 4,223.27% and a negative return on equity of 52.93%. The business’s quarterly revenue was down 100.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.84) earnings per share. On average, sell-side analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.34 earnings per share for the current year.

Crinetics Pharmaceuticals Company 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.