Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Sees Large Growth in Short Interest

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) saw a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 6,940,000 shares, a growth of 5.3% from the October 15th total of 6,590,000 shares. Based on an average trading volume of 661,300 shares, the short-interest ratio is presently 10.5 days.

Analysts Set New Price Targets

A number of research firms have weighed in on CRNX. Oppenheimer restated an “outperform” rating and set a $73.00 target price (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. Cantor Fitzgerald restated an “overweight” rating and set a $90.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Citigroup boosted their target price on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. HC Wainwright upped their target price on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $70.18.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX traded up $0.89 during midday trading on Tuesday, hitting $54.59. The company had a trading volume of 281,665 shares, compared to its average volume of 783,063. The company’s 50-day simple moving average is $55.00 and its 200-day simple moving average is $51.37. Crinetics Pharmaceuticals has a 1 year low of $29.23 and a 1 year high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data 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 period in the prior year, the firm earned ($1.01) EPS. On average, analysts predict that Crinetics Pharmaceuticals will post -3.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 25,000 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the transaction, the chief financial officer now directly owns 111,092 shares in the company, valued at $5,677,912.12. This represents a 18.37 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Stephen F. Betz sold 1,035 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total transaction of $53,302.50. Following the completion of the sale, the insider now owns 68,576 shares of the company’s stock, valued at approximately $3,531,664. This represents a 1.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,410 shares of company stock valued at $2,275,929 over the last 90 days. Company insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the business. Comerica Bank acquired a new stake in shares of Crinetics Pharmaceuticals in the first quarter worth approximately $33,000. Quest Partners LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the 2nd quarter valued at $42,000. Values First Advisors Inc. acquired a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth $84,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Crinetics Pharmaceuticals in the 3rd quarter worth $91,000. Finally, KBC Group NV boosted its holdings in Crinetics Pharmaceuticals by 22.8% in the third quarter. KBC Group NV now owns 2,193 shares of the company’s stock valued at $112,000 after acquiring an additional 407 shares during the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

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.