Jennison Associates LLC Has $138.48 Million Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Jennison Associates LLC trimmed its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 3.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,708,351 shares of the company's stock after selling 85,263 shares during the quarter. Jennison Associates LLC owned 2.92% of Crinetics Pharmaceuticals worth $138,478,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CRNX. FMR LLC grew its position in Crinetics Pharmaceuticals by 8.8% in the third quarter. FMR LLC now owns 4,455,770 shares of the company's stock valued at $227,690,000 after acquiring an additional 358,975 shares during the period. State Street Corp increased its stake in shares of Crinetics Pharmaceuticals by 0.9% in the third quarter. State Street Corp now owns 2,838,484 shares of the company's stock valued at $145,047,000 after buying an additional 25,561 shares in the last quarter. Geode Capital Management LLC increased its position in Crinetics Pharmaceuticals by 10.1% in the third quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company's stock worth $94,458,000 after purchasing an additional 169,746 shares during the period. Franklin Resources Inc. increased its position in Crinetics Pharmaceuticals by 61.4% in the third quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company's stock worth $73,815,000 after purchasing an additional 528,688 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Crinetics Pharmaceuticals by 9.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 655,418 shares of the company's stock worth $33,492,000 after purchasing an additional 58,369 shares during the period. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. JMP Securities reiterated a "market outperform" rating and issued a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 target price on the stock in a report on Wednesday, January 22nd. Citigroup raised their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Wolfe Research started coverage on Crinetics Pharmaceuticals in a report on Tuesday. They set a "peer perform" rating on the stock. Finally, HC Wainwright restated a "buy" rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $72.64.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 5,000 shares of the business's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $39.07, for a total value of $195,350.00. Following the sale, the insider now owns 31,748 shares in the company, valued at approximately $1,240,394.36. The trade was a 13.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Jeff E. Knight sold 501 shares of the business's stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $56.52, for a total value of $28,316.52. Following the transaction, the chief operating officer now directly owns 51,653 shares in the company, valued at $2,919,427.56. This trade represents a 0.96 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.00% of the company's stock.

Crinetics Pharmaceuticals Trading Down 1.5 %

Shares of NASDAQ:CRNX traded down $0.59 during trading on Thursday, hitting $38.71. 691,116 shares of the company's stock traded hands, compared to its average volume of 1,083,313. The company has a market cap of $3.59 billion, a price-to-earnings ratio of -10.38 and a beta of 0.56. The company has a 50-day moving average price of $47.81 and a 200-day moving average price of $51.89. Crinetics Pharmaceuticals, Inc. has a 52 week low of $35.51 and a 52 week high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same quarter in the previous year, the company posted ($1.01) earnings per share. On average, analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

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.