Jennison Associates LLC Sells 85,263 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Jennison Associates LLC lessened its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 3.1% during the 4th quarter, Holdings Channel reports. The firm owned 2,708,351 shares of the company’s stock after selling 85,263 shares during the period. Jennison Associates LLC’s holdings in Crinetics Pharmaceuticals were worth $138,478,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CRNX. China Universal Asset Management Co. Ltd. lifted its holdings in Crinetics Pharmaceuticals by 27.7% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 19,664 shares of the company’s stock valued at $1,005,000 after buying an additional 4,271 shares during the period. Moody Aldrich Partners LLC lifted its stake in shares of Crinetics Pharmaceuticals by 3.8% in the 4th quarter. Moody Aldrich Partners LLC now owns 144,366 shares of the company’s stock valued at $7,381,000 after purchasing an additional 5,236 shares during the period. KBC Group NV boosted its position in shares of Crinetics Pharmaceuticals by 69.3% in the 4th quarter. KBC Group NV now owns 3,712 shares of the company’s stock worth $190,000 after purchasing an additional 1,519 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Crinetics Pharmaceuticals by 13.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company’s stock worth $254,000 after purchasing an additional 600 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Crinetics Pharmaceuticals by 4,084.6% during the fourth quarter. SG Americas Securities LLC now owns 542,446 shares of the company’s stock worth $27,735,000 after purchasing an additional 529,483 shares during the period. Institutional investors and hedge funds own 98.51% of the company’s stock.

Wall Street Analyst Weigh In

CRNX has been the topic of several analyst reports. Jefferies Financial Group raised Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Wednesday, January 22nd. HC Wainwright reiterated a “buy” rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. Citigroup boosted their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $87.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $72.64.

Insider Activity at Crinetics Pharmaceuticals

In other news, COO Jeff E. Knight sold 501 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $56.52, for a total value of $28,316.52. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 6.00% of the stock is owned by insiders.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX opened at $40.30 on Monday. Crinetics Pharmaceuticals, Inc. has a 12 month low of $35.51 and a 12 month high of $62.53. The company’s fifty day simple moving average is $49.23 and its 200 day simple moving average is $52.26.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly 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 quarter in the previous year, the business earned ($1.01) earnings per share. Sell-side analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

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.