Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Short Interest Up 10.7% in December

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) was the target of a large growth in short interest during the month of December. As of December 31st, there was short interest totalling 6,920,000 shares, a growth of 10.7% from the December 15th total of 6,250,000 shares. Based on an average daily trading volume, of 776,100 shares, the short-interest ratio is presently 8.9 days.

Analyst Ratings Changes

A number of research analysts have commented on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $87.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. HC Wainwright restated a “buy” rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. 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 research report on Thursday, November 14th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, Crinetics Pharmaceuticals has an average rating of “Buy” and an average target price of $74.40.

Crinetics Pharmaceuticals Trading Up 2.4 %

CRNX traded up $0.87 during trading hours on Friday, hitting $37.35. 761,824 shares of the company’s stock were exchanged, compared to its average volume of 630,193. The firm has a market cap of $3.46 billion, a P/E ratio of -10.01 and a beta of 0.60. Crinetics Pharmaceuticals has a 12-month low of $35.24 and a 12-month high of $62.53. The firm has a 50 day moving average of $52.86 and a 200 day moving average of $53.05.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted 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 last year, the business posted ($1.01) EPS. As a group, research analysts expect that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, COO Jeff E. Knight sold 501 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $56.52, for a total value of $28,316.52. Following the transaction, the chief operating officer now owns 51,653 shares of the company’s stock, valued at $2,919,427.56. This represents a 0.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Large investors have recently bought and sold shares of the stock. Values First Advisors Inc. purchased a new position in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at about $84,000. Allspring Global Investments Holdings LLC acquired a new stake in Crinetics Pharmaceuticals in the third quarter valued at approximately $91,000. KBC Group NV lifted its stake in Crinetics Pharmaceuticals by 22.8% in the third quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after acquiring an additional 407 shares during the last quarter. Amalgamated Bank grew its holdings in Crinetics Pharmaceuticals by 20.8% during the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock worth $121,000 after acquiring an additional 464 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its position in shares of Crinetics Pharmaceuticals by 56.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,806 shares of the company’s stock valued at $143,000 after purchasing an additional 1,008 shares during the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

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.