Short Interest in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Drops By 7.5%

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 trading volume, of 713,200 shares, the short-interest ratio is presently 8.4 days.

Insiders Place Their Bets

In related news, CFO Marc Wilson sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The stock was 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 in the company, valued at approximately $5,677,912.12. The trade was a 18.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Dana Pizzuti sold 14,375 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now owns 28,507 shares in the company, valued at $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. In the last quarter, insiders have sold 39,876 shares of company stock worth $2,091,373. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of CRNX. Driehaus Capital Management LLC lifted its stake 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 valued at $273,764,000 after purchasing an additional 885,876 shares during the last quarter. Franklin Resources Inc. grew its holdings 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 valued at $73,815,000 after buying an additional 528,688 shares in the last quarter. Farallon Capital Management LLC increased its holdings in shares of Crinetics Pharmaceuticals by 9,840.0% in the 2nd quarter. Farallon Capital Management LLC now owns 497,000 shares of the company’s stock valued at $22,261,000 after purchasing an additional 492,000 shares during the period. Hood River Capital Management LLC purchased a new position in shares of Crinetics Pharmaceuticals during the 2nd quarter valued at $18,379,000. Finally, First Turn Management LLC acquired a new stake in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at $16,541,000. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX stock traded up $0.95 during trading hours on Tuesday, hitting $55.58. The stock had a trading volume of 291,374 shares, compared to its average volume of 769,998. The firm has a market capitalization of $5.15 billion, a PE ratio of -14.65 and a beta of 0.60. The stock’s 50 day moving average is $56.91 and its 200 day moving average is $52.51. Crinetics Pharmaceuticals has a twelve month low of $32.92 and a twelve month high of $62.53.

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 analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter in the previous year, the business posted ($1.01) earnings per share. As a group, equities analysts predict that Crinetics Pharmaceuticals will post -3.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CRNX has been the topic of a number of recent analyst reports. JMP Securities reissued a “market outperform” rating and issued a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday. HC Wainwright upped their target price on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Citigroup lifted their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $70.82.

About Crinetics Pharmaceuticals

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.