Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Short Interest Up 11.0% in September

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) was the target of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 6,780,000 shares, a growth of 11.0% from the September 15th total of 6,110,000 shares. Based on an average daily trading volume, of 655,400 shares, the short-interest ratio is presently 10.3 days.

Wall Street Analyst Weigh In

CRNX has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their price target on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Cantor Fitzgerald reissued an “overweight” rating and issued a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. JMP Securities reissued a “market outperform” rating and issued a $80.00 price target on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. Piper Sandler reissued an “overweight” rating and issued a $97.00 price target on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $73.00 price objective (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Crinetics Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $68.55.

Crinetics Pharmaceuticals Stock Down 0.1 %

Shares of Crinetics Pharmaceuticals stock traded down $0.08 during trading hours on Thursday, hitting $58.78. 485,310 shares of the company’s stock traded hands, compared to its average volume of 797,884. Crinetics Pharmaceuticals has a twelve month low of $25.75 and a twelve month high of $59.68. The stock has a 50 day simple moving average of $52.33 and a 200-day simple moving average of $49.23. The company has a market cap of $4.64 billion, a PE ratio of -15.54 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Thursday, August 8th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.08). The business had revenue of $0.40 million during the quarter, compared to the consensus estimate of $0.47 million. The firm’s quarterly revenue was down 59.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.94) earnings per share. As a group, equities research analysts predict that Crinetics Pharmaceuticals will post -3.72 EPS for the current year.

Insider Activity

In related news, insider Stephen F. Betz sold 3,000 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $53.43, for a total value of $160,290.00. Following the transaction, the insider now owns 75,611 shares in the company, valued at $4,039,895.73. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $53.43, for a total value of $160,290.00. Following the completion of the sale, the insider now owns 75,611 shares of the company’s stock, valued at approximately $4,039,895.73. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Dana Pizzuti sold 14,375 shares of the company’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total transaction of $785,306.25. Following the transaction, the insider now directly owns 28,507 shares in the company, valued at approximately $1,557,337.41. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 65,466 shares of company stock valued at $3,462,956. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. AQR Capital Management LLC increased its position in shares of Crinetics Pharmaceuticals by 3.3% during the 2nd quarter. AQR Capital Management LLC now owns 7,126 shares of the company’s stock valued at $319,000 after purchasing an additional 227 shares during the period. Amalgamated Bank boosted its holdings in shares of Crinetics Pharmaceuticals by 20.8% in the second quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock worth $121,000 after buying an additional 464 shares during the period. Comerica Bank purchased a new position in shares of Crinetics Pharmaceuticals in the first quarter worth approximately $33,000. Hennion & Walsh Asset Management Inc. raised its holdings in shares of Crinetics Pharmaceuticals by 2.5% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 38,087 shares of the company’s stock valued at $1,783,000 after acquiring an additional 927 shares during the period. Finally, Quest Partners LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at approximately $42,000. 98.51% of the stock is owned by institutional investors and hedge funds.

About Crinetics Pharmaceuticals

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.