Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Short Interest Up 5.3% in October

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) saw a significant growth in short interest during 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 days-to-cover ratio is currently 10.5 days.

Wall Street Analyst Weigh In

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

Crinetics Pharmaceuticals Trading Up 2.7 %

CRNX traded up $1.47 on Tuesday, hitting $55.17. 603,274 shares of the company’s stock were exchanged, compared to its average volume of 784,499. Crinetics Pharmaceuticals has a fifty-two week low of $29.23 and a fifty-two week high of $62.53. The firm has a 50-day moving average price of $55.00 and a 200-day moving average price of $51.37.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results 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 quarter last year, the business posted ($1.01) EPS. Research analysts forecast that Crinetics Pharmaceuticals will post -3.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $53.19, for a total transaction of $159,570.00. Following the sale, the insider now owns 69,611 shares of the company’s stock, valued at $3,702,609.09. This trade represents a 4.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Dana Pizzuti sold 14,375 shares of the business’s 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 sale, the insider now owns 28,507 shares of the company’s stock, valued at approximately $1,557,337.41. This represents a 33.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,410 shares of company stock worth $2,275,929 over the last 90 days. 6.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. lifted its position in Crinetics Pharmaceuticals by 366,571.4% in the first quarter. Russell Investments Group Ltd. now owns 51,334 shares of the company’s stock worth $2,403,000 after purchasing an additional 51,320 shares during the period. Swiss National Bank boosted its position in shares of Crinetics Pharmaceuticals by 21.4% during the 1st quarter. Swiss National Bank now owns 126,500 shares of the company’s stock valued at $5,921,000 after acquiring an additional 22,300 shares in the last quarter. Vanguard Group Inc. raised its position in Crinetics Pharmaceuticals by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock valued at $167,349,000 after purchasing an additional 72,624 shares during the last quarter. SG Americas Securities LLC boosted its position in Crinetics Pharmaceuticals by 1,224.8% in the 2nd quarter. SG Americas Securities LLC now owns 79,051 shares of the company’s stock valued at $3,541,000 after buying an additional 73,084 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Crinetics Pharmaceuticals by 27.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock worth $178,966,000 after purchasing an additional 814,360 shares during the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

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.