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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) was the target of a significant decrease in short interest during 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 days-to-cover ratio is currently 9.1 days.

Wall Street Analysts Forecast Growth

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

Insider Activity at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 14,375 shares of the company’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 transaction, the insider now directly owns 28,507 shares of the company’s stock, valued at $1,557,337.41. This represents a 33.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Jeff E. Knight sold 501 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $56.52, for a total transaction of $28,316.52. Following the sale, the chief operating officer now owns 51,653 shares of the company’s stock, valued at approximately $2,919,427.56. This represents a 0.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 40,911 shares of company stock valued at $2,144,675 over the last 90 days. 6.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the business. Comerica Bank purchased a new position in Crinetics Pharmaceuticals in the first quarter worth $33,000. Quest Partners LLC acquired a new position in Crinetics Pharmaceuticals during the second quarter worth $42,000. Values First Advisors Inc. purchased a new stake in Crinetics Pharmaceuticals during the third quarter worth $84,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Crinetics Pharmaceuticals in the third quarter valued at $91,000. Finally, KBC Group NV raised its position in Crinetics Pharmaceuticals by 22.8% during the third quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after acquiring an additional 407 shares during the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock traded down $0.80 during midday trading on Tuesday, hitting $56.59. 325,995 shares of the company’s stock were exchanged, compared to its average volume of 773,712. The stock has a market cap of $5.25 billion, a price-to-earnings ratio of -15.39 and a beta of 0.60. Crinetics Pharmaceuticals has a 12-month low of $32.22 and a 12-month high of $62.53. The firm’s 50 day simple moving average is $55.87 and its 200 day simple moving average is $51.92.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same period in the prior year, the firm posted ($1.01) EPS. On average, equities research analysts forecast that Crinetics Pharmaceuticals will post -3.75 EPS 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.