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

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

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock traded up $1.11 during midday trading on Wednesday, reaching $57.70. The stock had a trading volume of 15,060 shares, compared to its average volume of 770,972. The stock’s 50-day simple moving average is $56.01 and its 200 day simple moving average is $51.95. Crinetics Pharmaceuticals has a twelve month low of $32.56 and a twelve month high of $62.53. The stock has a market capitalization of $5.35 billion, a PE ratio of -15.17 and a beta of 0.60.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data 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 business earned ($1.01) earnings per share. Equities analysts predict that Crinetics Pharmaceuticals will post -3.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Stephen F. Betz sold 1,035 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total transaction of $53,302.50. Following the completion of the transaction, the insider now directly 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Marc Wilson sold 25,000 shares of the company’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 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 disclosure for this sale can be found here. Insiders have sold a total of 40,911 shares of company stock worth $2,144,675 in the last quarter. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in CRNX. AQR Capital Management LLC lifted its position in Crinetics Pharmaceuticals by 3.3% during the 2nd quarter. AQR Capital Management LLC now owns 7,126 shares of the company’s stock worth $319,000 after acquiring an additional 227 shares in the last quarter. US Bancorp DE grew its holdings in Crinetics Pharmaceuticals by 3.4% during the 3rd quarter. US Bancorp DE now owns 11,488 shares of the company’s stock valued at $587,000 after purchasing an additional 373 shares in the last quarter. KBC Group NV increased its stake in Crinetics Pharmaceuticals by 22.8% during the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after buying an additional 407 shares during the period. Amalgamated Bank lifted its holdings in Crinetics Pharmaceuticals by 20.8% in the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock worth $121,000 after buying an additional 464 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Crinetics Pharmaceuticals by 2.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company’s stock worth $1,054,000 after buying an additional 505 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Analysts Set New Price Targets

CRNX has been the subject of several analyst reports. 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 note on Thursday, November 14th. Cantor Fitzgerald reissued an “overweight” rating and set a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. Oppenheimer reaffirmed an “outperform” rating and issued a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. JMP Securities reiterated a “market outperform” rating and issued a $80.00 price target on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. Finally, HC Wainwright raised their price objective on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Crinetics Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target 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.