Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Bought by Jennison Associates LLC

Jennison Associates LLC increased its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 77.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,547,683 shares of the company’s stock after acquiring an additional 1,113,992 shares during the period. Jennison Associates LLC’s holdings in Crinetics Pharmaceuticals were worth $90,647,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRNX. China Universal Asset Management Co. Ltd. boosted its stake in Crinetics Pharmaceuticals by 98.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,403 shares of the company’s stock valued at $42,000 after purchasing an additional 695 shares in the last quarter. HighMark Wealth Management LLC acquired a new position in Crinetics Pharmaceuticals during the fourth quarter worth about $151,000. Amalgamated Bank raised its position in Crinetics Pharmaceuticals by 10.4% in the third quarter. Amalgamated Bank now owns 6,298 shares of the company’s stock worth $187,000 after acquiring an additional 592 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Crinetics Pharmaceuticals in the 3rd quarter worth approximately $221,000. Finally, Hudson Bay Capital Management LP acquired a new position in shares of Crinetics Pharmaceuticals in the 3rd quarter worth approximately $223,000. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Up 1.1 %

NASDAQ CRNX opened at $43.44 on Tuesday. Crinetics Pharmaceuticals, Inc. has a 1-year low of $15.76 and a 1-year high of $49.58. The firm’s fifty day simple moving average is $42.50 and its 200-day simple moving average is $36.36.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its 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 return on equity of 52.93% and a negative net margin of 4,223.27%. The company’s quarterly revenue was down 100.0% compared to the same quarter last year. During the same period last year, the business earned ($0.84) earnings per share. As a group, equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.34 earnings per share for the current year.

Insider Activity at Crinetics Pharmaceuticals

In other news, CEO Richard Scott Struthers sold 40,951 shares of the firm’s stock in a transaction on Thursday, April 4th. The shares were 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 owns 237,835 shares in the company, valued at approximately $11,694,346.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 40,951 shares of the stock in a transaction on Thursday, April 4th. The shares were 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 $11,694,346.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Marc Wilson sold 6,942 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $42.91, for a total value of $297,881.22. Following the sale, the chief financial officer now owns 110,630 shares of the company’s stock, valued at approximately $4,747,133.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 190,216 shares of company stock valued at $8,621,177. 7.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on CRNX shares. JMP Securities restated a “market outperform” rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a report on Thursday, March 28th. Citigroup assumed coverage on Crinetics Pharmaceuticals in a research note on Wednesday, March 6th. They set a “buy” rating and a $68.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $50.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, March 19th. Jonestrading increased their price target on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Finally, Robert W. Baird boosted their price objective on Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Crinetics Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $54.17.

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.