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

Jennison Associates LLC decreased its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 29.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 904,672 shares of the company’s stock after selling 376,929 shares during the period. Jennison Associates LLC owned approximately 0.86% of Crinetics Pharmaceuticals worth $32,858,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its holdings in shares of Crinetics Pharmaceuticals by 32.3% in the first quarter. Principal Financial Group Inc. now owns 7,066 shares of the company’s stock valued at $257,000 after purchasing an additional 1,725 shares during the period. Teachers Retirement System of The State of Kentucky grew its position in Crinetics Pharmaceuticals by 4.0% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 28,477 shares of the company’s stock valued at $1,034,000 after buying an additional 1,100 shares during the last quarter. Fifth Third Bancorp purchased a new position in Crinetics Pharmaceuticals in the 1st quarter valued at $126,000. Pictet Asset Management Holding SA increased its stake in Crinetics Pharmaceuticals by 20.8% in the 1st quarter. Pictet Asset Management Holding SA now owns 1,884,281 shares of the company’s stock valued at $68,204,000 after buying an additional 323,981 shares during the period. Finally, Braun Stacey Associates Inc. acquired a new position in Crinetics Pharmaceuticals in the 1st quarter valued at $11,797,000. 98.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Crinetics Pharmaceuticals

In related news, Director Coelho Rogerio Vivaldi sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the transaction, the director directly owned 19,225 shares of the company’s stock, valued at approximately $769,000. The trade was a 13.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed 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 company’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the sale, the director directly owned 6,400 shares in the company, valued at $228,288. This trade represents a 51.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is owned by insiders.

Crinetics Pharmaceuticals Stock Up 0.0%

NASDAQ:CRNX opened at $83.87 on Tuesday. The firm’s fifty day simple moving average is $45.66 and its 200-day simple moving average is $44.04. The stock has a market cap of $8.84 billion, a PE ratio of -16.35 and a beta of 0.23. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $25.83 and a fifty-two week high of $84.00.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, May 7th. The company reported ($1.23) EPS for the quarter, missing analysts’ consensus estimates 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 period in the prior year, the firm posted ($1.04) EPS. The firm’s quarterly revenue was up 2873.4% on a year-over-year basis. Equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.86 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on CRNX shares. JonesTrading downgraded shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and set a $85.00 target price on the stock. in a report on Tuesday, July 7th. Citizens Jmp cut shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. TD Cowen downgraded shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, July 8th. Lifesci Capital lowered Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Finally, Oppenheimer reiterated a “market perform” rating on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 7th. Six equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Crinetics Pharmaceuticals currently has a consensus rating of “Hold” and a consensus target price of $78.27.

About Crinetics Pharmaceuticals

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.