Jennison Associates LLC Has $90.65 Million Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Jennison Associates LLC boosted its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 77.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,547,683 shares of the company's stock after buying an additional 1,113,992 shares during the quarter. Jennison Associates LLC owned approximately 3.81% of Crinetics Pharmaceuticals worth $90,647,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CRNX. China Universal Asset Management Co. Ltd. lifted its stake in shares of 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 worth $42,000 after purchasing an additional 695 shares during the period. HighMark Wealth Management LLC purchased a new position in shares of Crinetics Pharmaceuticals during the 4th quarter worth $151,000. Amalgamated Bank increased its holdings in shares of Crinetics Pharmaceuticals by 10.4% during the 3rd quarter. Amalgamated Bank now owns 6,298 shares of the company's stock worth $187,000 after buying an additional 592 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth $221,000. Finally, Hudson Bay Capital Management LP acquired a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth $223,000. Hedge funds and other institutional investors own 98.51% of the company's stock.

Crinetics Pharmaceuticals Stock Up 1.8 %

Shares of Crinetics Pharmaceuticals stock traded up $0.78 during trading hours on Tuesday, hitting $44.22. 612,425 shares of the company's stock traded hands, compared to its average volume of 775,461. Crinetics Pharmaceuticals, Inc. has a twelve month low of $15.76 and a twelve month high of $49.58. The stock has a 50 day simple moving average of $42.50 and a 200-day simple moving average of $36.36. The company has a market cap of $3.08 billion, a PE ratio of -11.95 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings results on Wednesday, February 28th. The company reported ($0.90) EPS 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%. During the same quarter in the prior year, the firm posted ($0.84) EPS. Crinetics Pharmaceuticals's revenue for the quarter was down 100.0% on a year-over-year basis. As a group, equities research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.34 EPS for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $37.26, for a total transaction of $111,780.00. Following the transaction, the insider now owns 73,298 shares of the company's stock, valued at $2,731,083.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the firm's stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $37.26, for a total value of $111,780.00. Following the transaction, the insider now owns 73,298 shares of the company's stock, valued at $2,731,083.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Marc Wilson sold 6,942 shares of Crinetics Pharmaceuticals 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 completion of the transaction, the chief financial officer now owns 110,630 shares of the company's stock, valued at $4,747,133.30. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 190,216 shares of company stock valued at $8,621,177. Insiders own 7.00% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on CRNX shares. Morgan Stanley started coverage on Crinetics Pharmaceuticals in a report on Tuesday, January 16th. They set an "overweight" rating and a $50.00 price objective for the company. HC Wainwright reiterated a "buy" rating and issued a $50.00 price target on shares of Crinetics Pharmaceuticals in a 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 report on Wednesday, March 20th. Citigroup began coverage on Crinetics Pharmaceuticals in a report on Wednesday, March 6th. They issued a "buy" rating and a $68.00 price target for the company. Finally, Robert W. Baird increased their price target on Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the company an "outperform" rating in a report on Thursday, February 29th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus 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.