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

Jennison Associates LLC grew its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 10.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,817,854 shares of the company’s stock after purchasing an additional 270,171 shares during the period. Jennison Associates LLC’s holdings in Crinetics Pharmaceuticals were worth $131,904,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Quarry LP purchased a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter valued at approximately $36,000. AJOVista LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter valued at approximately $58,000. HighMark Wealth Management LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter valued at approximately $151,000. RWA Wealth Partners LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter valued at approximately $203,000. Finally, Hudson Bay Capital Management LP purchased a new position in Crinetics Pharmaceuticals in the third quarter worth approximately $223,000. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, COO Jeff E. Knight sold 956 shares of the stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $44.38, for a total value of $42,427.28. Following the sale, the chief operating officer now directly owns 52,580 shares in the company, valued at $2,333,500.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 956 shares of the firm’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $44.38, for a total value of $42,427.28. Following the sale, the chief operating officer now directly owns 52,580 shares in the company, valued at $2,333,500.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Dana Pizzuti sold 14,375 shares of the firm’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $44.47, for a total value of $639,256.25. Following the completion of the sale, the insider now owns 27,786 shares in the company, valued at $1,235,643.42. The disclosure for this sale can be found here. Over the last three months, insiders have sold 202,783 shares of company stock worth $9,562,442. Corporate insiders own 6.00% of the company’s stock.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX traded up $1.54 during midday trading on Monday, hitting $45.37. 480,821 shares of the stock were exchanged, compared to its average volume of 849,623. Crinetics Pharmaceuticals, Inc. has a 52-week low of $15.76 and a 52-week high of $53.70. The stock has a fifty day simple moving average of $46.55 and a 200 day simple moving average of $42.47. The firm has a market cap of $3.58 billion, a P/E ratio of -12.00 and a beta of 0.68.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.93) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.09). The firm had revenue of $0.64 million during the quarter, compared to analyst estimates of $0.20 million. The company’s quarterly revenue was down 76.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.85) EPS. As a group, equities research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.53 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CRNX has been the subject of several analyst reports. Oppenheimer increased their price objective on Crinetics Pharmaceuticals from $55.00 to $74.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 4th. JMP Securities reiterated a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. Piper Sandler reiterated an “overweight” rating and issued a $97.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. Robert W. Baird increased their price objective on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the stock an “outperform” rating in a research report on Thursday, May 23rd. Finally, Morgan Stanley increased their price objective on Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $62.50.

About Crinetics Pharmaceuticals

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.