Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Short Interest Update

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) was the recipient of a large decline in short interest in the month of November. As of November 30th, there was short interest totalling 6,010,000 shares, a decline 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 currently 8.4 days.

Analysts Set New Price Targets

CRNX has been the subject of a number of research analyst reports. 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. Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. HC Wainwright upped their price target on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, Citigroup increased their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $70.82.

Insider Transactions at Crinetics Pharmaceuticals

In related news, COO Jeff E. Knight sold 501 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now owns 51,653 shares of the company’s stock, valued at $2,919,427.56. This trade represents a 0.96 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Marc Wilson sold 25,000 shares of the 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 sale, the chief financial officer now directly owns 111,092 shares in the company, valued at $5,677,912.12. This trade represents 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 39,876 shares of company stock worth $2,091,373. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Barclays PLC increased its stake in Crinetics Pharmaceuticals by 75.5% during the third quarter. Barclays PLC now owns 207,712 shares of the company’s stock valued at $10,614,000 after purchasing an additional 89,358 shares during the last quarter. Driehaus Capital Management LLC raised its holdings in shares of Crinetics Pharmaceuticals by 17.0% during the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock valued at $273,764,000 after buying an additional 885,876 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of Crinetics Pharmaceuticals by 61.4% during the third quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock worth $73,815,000 after buying an additional 528,688 shares during the period. Jennison Associates LLC grew its holdings in Crinetics Pharmaceuticals by 0.5% in the 3rd quarter. Jennison Associates LLC now owns 2,793,614 shares of the company’s stock worth $142,754,000 after buying an additional 13,470 shares in the last quarter. Finally, First Turn Management LLC bought 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 hedge funds and other institutional investors.

Crinetics Pharmaceuticals Stock Up 1.7 %

CRNX traded up $0.95 on Tuesday, reaching $55.58. The company had a trading volume of 291,374 shares, compared to its average volume of 769,998. The stock has a 50-day moving average price of $56.91 and a 200-day moving average price of $52.51. Crinetics Pharmaceuticals has a 1 year low of $32.92 and a 1 year high of $62.53. The stock has a market capitalization of $5.15 billion, a PE ratio of -14.65 and a beta of 0.60.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its 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 quarter last year, the firm earned ($1.01) EPS. As a group, analysts expect that Crinetics Pharmaceuticals will post -3.75 earnings per share 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.