Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Short Interest Down 7.0% in July

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) was the recipient of a significant decline in short interest during the month of July. As of July 31st, there was short interest totalling 6,120,000 shares, a decline of 7.0% from the July 15th total of 6,580,000 shares. Based on an average daily trading volume, of 930,400 shares, the days-to-cover ratio is currently 6.6 days.

Insiders Place Their Bets

In other news, CFO Marc Wilson sold 19,056 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $53.88, for a total value of $1,026,737.28. Following the completion of the transaction, the chief financial officer now directly owns 111,092 shares in the company, valued at approximately $5,985,636.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, COO Jeff E. Knight sold 27,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $55.00, for a total transaction of $1,485,000.00. Following the sale, the chief operating officer now directly owns 51,653 shares in the company, valued at approximately $2,840,915. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Marc Wilson sold 19,056 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $53.88, for a total transaction of $1,026,737.28. Following the completion of the transaction, the chief financial officer now owns 111,092 shares of the company’s stock, valued at $5,985,636.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 170,016 shares of company stock valued at $8,320,842. 6.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of hedge funds have recently bought and sold shares of CRNX. Comerica Bank bought a new position in shares of Crinetics Pharmaceuticals during the first quarter valued at about $33,000. Quarry LP bought a new position in shares of Crinetics Pharmaceuticals during the 4th quarter worth approximately $36,000. Quest Partners LLC purchased a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter worth approximately $42,000. AJOVista LLC bought a new position in shares of Crinetics Pharmaceuticals in the fourth quarter valued at approximately $58,000. Finally, Amalgamated Bank increased its position in shares of Crinetics Pharmaceuticals by 20.8% during the second quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock valued at $121,000 after acquiring an additional 464 shares during the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CRNX has been the subject of a number of recent research reports. Oppenheimer restated 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. Morgan Stanley lifted their price objective on Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. JMP Securities restated a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a report on Tuesday, June 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $65.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Tuesday, May 14th. Finally, Piper Sandler reiterated an “overweight” rating and set a $97.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $64.75.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX opened at $53.83 on Wednesday. The company has a market cap of $4.25 billion, a PE ratio of -14.21 and a beta of 0.68. Crinetics Pharmaceuticals has a one year low of $15.76 and a one year high of $55.78. The stock has a 50-day moving average of $49.15 and a 200-day moving average of $45.74.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The company had revenue of $0.40 million for the quarter, compared to analyst estimates of $0.47 million. The business’s quarterly revenue was down 59.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.94) earnings per share. Analysts expect that Crinetics Pharmaceuticals will post -3.54 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.