Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Short Interest Update

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) was the target of a large decrease in short interest in November. As of November 30th, there was short interest totalling 6,010,000 shares, a decrease of 7.5% from the November 15th total of 6,500,000 shares. Based on an average trading volume of 713,200 shares, the short-interest ratio is presently 8.4 days.

Crinetics Pharmaceuticals Stock Up 1.8 %

Crinetics Pharmaceuticals stock traded up $0.97 during trading hours on Monday, hitting $54.63. 1,188,997 shares of the company traded hands, compared to its average volume of 772,097. Crinetics Pharmaceuticals has a 1-year low of $32.92 and a 1-year high of $62.53. The firm has a market cap of $5.07 billion, a P/E ratio of -14.54 and a beta of 0.60. The firm’s 50-day simple moving average is $56.85 and its two-hundred day simple moving average is $52.45.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter last year, the business posted ($1.01) EPS. On average, equities research analysts predict that Crinetics Pharmaceuticals will post -3.75 earnings per share for the current year.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 14,375 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $1,557,337.41. This represents a 33.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Marc Wilson sold 25,000 shares of the stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the sale, the chief financial officer now owns 111,092 shares in the company, valued at approximately $5,677,912.12. This trade represents a 18.37 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 39,876 shares of company stock valued at $2,091,373. Corporate insiders own 6.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

Several institutional investors have recently modified their holdings of CRNX. Driehaus Capital Management LLC raised its position in Crinetics Pharmaceuticals by 17.0% in the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock worth $273,764,000 after acquiring an additional 885,876 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of Crinetics Pharmaceuticals by 0.5% in the 3rd quarter. Jennison Associates LLC now owns 2,793,614 shares of the company’s stock worth $142,754,000 after purchasing an additional 13,470 shares in the last quarter. First Turn Management LLC acquired a new stake in Crinetics Pharmaceuticals during the second quarter valued at approximately $16,541,000. Fisher Asset Management LLC boosted its holdings in Crinetics Pharmaceuticals by 8.4% during the third quarter. Fisher Asset Management LLC now owns 482,099 shares of the company’s stock worth $24,635,000 after buying an additional 37,429 shares in the last quarter. Finally, Nicholas Investment Partners LP bought a new stake in Crinetics Pharmaceuticals during the second quarter worth approximately $2,374,000. Institutional investors and hedge funds own 98.51% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on CRNX shares. JMP Securities reiterated a “market outperform” rating and set a $87.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday. HC Wainwright increased their target price on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. Finally, Citigroup increased their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average target price of $70.82.

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.