Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Short Interest Down 6.3% in November

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) saw a large decline in short interest during the month of November. As of November 15th, there was short interest totalling 6,500,000 shares, a decline of 6.3% from the October 31st total of 6,940,000 shares. Based on an average daily volume of 713,900 shares, the days-to-cover ratio is presently 9.1 days.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 1,035 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total transaction of $53,302.50. Following the transaction, the insider now owns 68,576 shares of the company’s stock, valued at $3,531,664. This trade represents a 1.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Marc Wilson sold 25,000 shares of the business’s 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 owns 111,092 shares of the company’s stock, 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. Insiders have sold 40,911 shares of company stock worth $2,144,675 in the last three months. 6.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRNX. Driehaus Capital Management LLC grew its holdings in Crinetics Pharmaceuticals by 17.0% during the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock worth $273,764,000 after acquiring an additional 885,876 shares during the period. FMR LLC grew its stake in shares of Crinetics Pharmaceuticals by 8.8% in the 3rd quarter. FMR LLC now owns 4,455,770 shares of the company’s stock worth $227,690,000 after purchasing an additional 358,975 shares during the last quarter. State Street Corp raised its holdings in shares of Crinetics Pharmaceuticals by 0.9% in the 3rd quarter. State Street Corp now owns 2,838,484 shares of the company’s stock worth $145,047,000 after purchasing an additional 25,561 shares in the last quarter. Jennison Associates LLC lifted its stake in Crinetics Pharmaceuticals by 0.5% during the third quarter. Jennison Associates LLC now owns 2,793,614 shares of the company’s stock valued at $142,754,000 after purchasing an additional 13,470 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Crinetics Pharmaceuticals by 10.1% during the third quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock valued at $94,458,000 after purchasing an additional 169,746 shares during the last quarter. Institutional investors own 98.51% of the company’s stock.

Wall Street Analyst Weigh In

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

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX traded up $1.11 on Wednesday, hitting $57.70. The company’s stock had a trading volume of 15,060 shares, compared to its average volume of 770,972. The company has a market capitalization of $5.35 billion, a price-to-earnings ratio of -15.17 and a beta of 0.60. Crinetics Pharmaceuticals has a 12 month low of $32.56 and a 12 month high of $62.53. The stock’s 50-day moving average is $56.01 and its two-hundred day moving average is $51.95.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its 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 quarter in the previous year, the business earned ($1.01) EPS. Equities 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.