Short Interest in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Rises By 5.3%

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) was the recipient of a large 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 daily trading volume, of 661,300 shares, the days-to-cover ratio is presently 10.5 days.

Crinetics Pharmaceuticals Stock Performance

CRNX traded up $0.89 during trading on Tuesday, reaching $54.59. 281,665 shares of the stock traded hands, compared to its average volume of 783,063. The stock’s 50-day moving average is $55.00 and its 200 day moving average is $51.37. Crinetics Pharmaceuticals has a 12 month low of $29.23 and a 12 month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period last year, the firm posted ($1.01) EPS. As a group, analysts predict that Crinetics Pharmaceuticals will post -3.75 EPS for the current year.

Analyst Upgrades and Downgrades

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

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction that occurred 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 owns 28,507 shares of the company’s stock, valued at $1,557,337.41. The trade was a 33.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Marc Wilson sold 25,000 shares of the stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $51.11, for a total value of $1,277,750.00. Following the completion of the sale, the chief financial officer now directly owns 111,092 shares of the company’s stock, valued at $5,677,912.12. The trade was a 18.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,410 shares of company stock worth $2,275,929. 6.00% of the stock is currently owned by company insiders.

Institutional Trading of Crinetics Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the business. Comerica Bank bought a new position in Crinetics Pharmaceuticals during the first quarter valued at about $33,000. Quest Partners LLC purchased a new position in shares of Crinetics Pharmaceuticals during the second quarter worth approximately $42,000. Values First Advisors Inc. bought a new stake in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at about $84,000. Allspring Global Investments Holdings LLC purchased a new position in Crinetics Pharmaceuticals during the 3rd quarter valued at about $91,000. Finally, KBC Group NV lifted its position in shares of Crinetics Pharmaceuticals by 22.8% in the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after purchasing an additional 407 shares during the period. 98.51% of the stock is currently owned by 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.