Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Short Interest Down 7.5% in November

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

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. JMP Securities reaffirmed a “market outperform” rating and set a $87.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday. Citigroup boosted their price target 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, HC Wainwright boosted their price target on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $70.82.

Insiders Place Their Bets

In other news, COO Jeff E. Knight sold 501 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $56.52, for a total transaction of $28,316.52. Following the sale, the chief operating officer now owns 51,653 shares in the company, valued at approximately $2,919,427.56. This represents a 0.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Marc Wilson sold 25,000 shares of the firm’s 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 completion of the sale, the chief financial officer now owns 111,092 shares of the company’s stock, valued at $5,677,912.12. The trade was a 18.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 39,876 shares of company stock worth $2,091,373 over the last quarter. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CRNX. Driehaus Capital Management LLC increased its stake in shares of Crinetics Pharmaceuticals by 17.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock worth $273,764,000 after purchasing an additional 885,876 shares during the last quarter. Franklin Resources Inc. grew its stake in Crinetics Pharmaceuticals by 61.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock valued at $73,815,000 after buying an additional 528,688 shares during the last quarter. Farallon Capital Management LLC grew its stake in Crinetics Pharmaceuticals by 9,840.0% in the 2nd quarter. Farallon Capital Management LLC now owns 497,000 shares of the company’s stock valued at $22,261,000 after buying an additional 492,000 shares during the last quarter. Hood River Capital Management LLC acquired a new position in Crinetics Pharmaceuticals in the 2nd quarter valued at about $18,379,000. Finally, First Turn Management LLC acquired a new position in Crinetics Pharmaceuticals in the 2nd quarter valued at about $16,541,000. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Trading Up 1.4 %

CRNX opened at $55.37 on Wednesday. The stock has a market capitalization of $5.13 billion, a P/E ratio of -14.84 and a beta of 0.60. Crinetics Pharmaceuticals has a 12 month low of $32.92 and a 12 month high of $62.53. The firm’s fifty day simple moving average is $56.91 and its 200 day simple moving average is $52.51.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period in the previous year, the company earned ($1.01) EPS. On average, equities research analysts predict that Crinetics Pharmaceuticals will post -3.75 EPS for the current fiscal year.

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.