Jennison Associates LLC Acquires 13,470 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Jennison Associates LLC grew its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 0.5% in the third quarter, according to its most recent filing with the SEC. The fund owned 2,793,614 shares of the company's stock after acquiring an additional 13,470 shares during the period. Jennison Associates LLC owned 3.49% of Crinetics Pharmaceuticals worth $142,754,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Comerica Bank bought a new position in Crinetics Pharmaceuticals during the 1st quarter worth $33,000. Quest Partners LLC bought a new position in shares of Crinetics Pharmaceuticals during the second quarter worth about $42,000. Values First Advisors Inc. acquired a new position in shares of Crinetics Pharmaceuticals in the third quarter worth approximately $84,000. Allspring Global Investments Holdings LLC bought a new stake in Crinetics Pharmaceuticals in the third quarter valued at approximately $91,000. Finally, KBC Group NV lifted its position in shares of Crinetics Pharmaceuticals by 22.8% in the 3rd quarter. KBC Group NV now owns 2,193 shares of the company's stock worth $112,000 after purchasing an additional 407 shares during the period. Institutional investors and hedge funds own 98.51% of the company's stock.

Insider Transactions at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 14,375 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the insider now owns 28,507 shares in the company, valued at $1,557,337.41. This trade represents a 33.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Marc Wilson sold 25,000 shares of the company's stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $51.11, for a total value of $1,277,750.00. Following the completion of the transaction, the chief financial officer now owns 111,092 shares in the company, valued at approximately $5,677,912.12. The trade was a 18.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,410 shares of company stock worth $2,275,929 in the last 90 days. Insiders own 6.00% of the company's stock.

Crinetics Pharmaceuticals Trading Up 1.7 %

Shares of NASDAQ:CRNX traded up $0.94 during mid-day trading on Wednesday, hitting $56.11. 376,456 shares of the company traded hands, compared to its average volume of 782,307. The stock has a 50-day moving average price of $55.09 and a two-hundred day moving average price of $51.43. Crinetics Pharmaceuticals, Inc. has a 12-month low of $29.72 and a 12-month high of $62.53. The stock has a market cap of $5.20 billion, a P/E ratio of -14.79 and a beta of 0.62.

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

Analysts Set New Price Targets

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

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.