Short Interest in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Rises By 5.3%

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) was the target of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 6,940,000 shares, an increase of 5.3% from the October 15th total of 6,590,000 shares. Based on an average daily trading volume, of 661,300 shares, the days-to-cover ratio is currently 10.5 days.

Crinetics Pharmaceuticals Stock Up 2.7 %

CRNX stock traded up $1.47 during mid-day trading on Tuesday, reaching $55.17. 603,274 shares of the stock traded hands, compared to its average volume of 784,499. Crinetics Pharmaceuticals has a 52 week low of $29.23 and a 52 week high of $62.53. The business has a 50-day moving average of $55.00 and a two-hundred day moving average of $51.37.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly 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 last year, the business posted ($1.01) EPS. As a group, equities research analysts anticipate that Crinetics Pharmaceuticals will post -3.75 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 14,375 shares of the business’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total value of $785,306.25. Following the completion of the transaction, the insider now owns 28,507 shares of the company’s stock, valued at $1,557,337.41. The trade was a 33.52 % 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 company’s stock in a transaction on 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 owns 111,092 shares of the company’s stock, valued at $5,677,912.12. This represents a 18.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,410 shares of company stock worth $2,275,929 in the last quarter. 6.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. grew its stake in shares of Crinetics Pharmaceuticals by 366,571.4% in the 1st quarter. Russell Investments Group Ltd. now owns 51,334 shares of the company’s stock valued at $2,403,000 after buying an additional 51,320 shares during the period. Swiss National Bank grew its stake in Crinetics Pharmaceuticals by 21.4% during the first 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. grew its stake in Crinetics Pharmaceuticals by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock worth $167,349,000 after buying an additional 72,624 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 1,224.8% in the 2nd quarter. SG Americas Securities LLC now owns 79,051 shares of the company’s stock worth $3,541,000 after acquiring an additional 73,084 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Crinetics Pharmaceuticals by 27.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock valued at $178,966,000 after buying an additional 814,360 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CRNX. Oppenheimer reiterated an “outperform” rating and issued a $73.00 target price (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. Citigroup boosted their target price on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. JMP Securities reissued a “market outperform” rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. HC Wainwright upped their price objective on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $70.18.

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.