Jennison Associates LLC Trims Stock Position in Crinetics Pharmaceuticals, Inc. $CRNX

Jennison Associates LLC cut its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 29.4% during the 1st quarter, Holdings Channel reports. The firm owned 904,672 shares of the company’s stock after selling 376,929 shares during the period. Jennison Associates LLC’s holdings in Crinetics Pharmaceuticals were worth $32,858,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. Wellington Management Group LLP grew its holdings in Crinetics Pharmaceuticals by 44.3% during the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock valued at $349,110,000 after buying an additional 2,574,683 shares during the last quarter. Farallon Capital Management LLC raised its holdings in shares of Crinetics Pharmaceuticals by 20.2% in the fourth quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock worth $322,736,000 after acquiring an additional 1,163,000 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Crinetics Pharmaceuticals by 15.1% in the fourth quarter. Janus Henderson Group PLC now owns 4,440,691 shares of the company’s stock valued at $206,604,000 after acquiring an additional 581,900 shares in the last quarter. Paradigm Biocapital Advisors LP boosted its stake in shares of Crinetics Pharmaceuticals by 8.8% during the third quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company’s stock valued at $106,240,000 after acquiring an additional 207,221 shares during the last quarter. Finally, Pictet Asset Management Holding SA boosted its stake in shares of Crinetics Pharmaceuticals by 20.8% during the first quarter. Pictet Asset Management Holding SA now owns 1,884,281 shares of the company’s stock valued at $68,204,000 after acquiring an additional 323,981 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CRNX has been the topic of a number of recent research reports. HC Wainwright lowered shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and upped their target price for the company from $81.00 to $85.00 in a report on Tuesday, July 7th. Oppenheimer reissued a “market perform” rating on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Friday. Citizens Jmp lowered shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Finally, Cantor Fitzgerald downgraded Crinetics Pharmaceuticals from an “overweight” rating to a “hold” rating in a report on Tuesday, July 7th. Six equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $78.27.

Crinetics Pharmaceuticals Price Performance

NASDAQ CRNX opened at $83.87 on Tuesday. Crinetics Pharmaceuticals, Inc. has a 12 month low of $25.83 and a 12 month high of $84.00. The company has a 50-day moving average of $45.66 and a 200-day moving average of $44.04. The company has a market cap of $8.84 billion, a P/E ratio of -16.35 and a beta of 0.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.The company had revenue of $10.73 million for the quarter, compared to analysts’ expectations of $8.51 million. During the same quarter in the previous year, the company earned ($1.04) earnings per share. The company’s revenue was up 2873.4% on a year-over-year basis. As a group, equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.86 EPS for the current year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the transaction, the director owned 19,225 shares in the company, valued at $769,000. This trade represents a 13.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total transaction of $246,123.00. Following the sale, the director directly owned 6,400 shares of the company’s stock, valued at $228,288. This represents a 51.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.80% of the company’s stock.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.