Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Short Interest Update

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 6,780,000 shares, an increase of 11.0% from the September 15th total of 6,110,000 shares. Based on an average daily volume of 655,400 shares, the short-interest ratio is currently 10.3 days.

Insiders Place Their Bets

In other news, insider Dana Pizzuti sold 14,375 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly owns 28,507 shares in the company, valued at approximately $1,557,337.41. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Marc Wilson sold 25,000 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the completion of the transaction, the chief financial officer now owns 111,092 shares of the company’s stock, valued at $5,677,912.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Dana Pizzuti sold 14,375 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total transaction of $785,306.25. Following the transaction, the insider now owns 28,507 shares of the company’s stock, valued at approximately $1,557,337.41. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 65,466 shares of company stock worth $3,462,956. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. increased its stake in Crinetics Pharmaceuticals by 366,571.4% during the first quarter. Russell Investments Group Ltd. now owns 51,334 shares of the company’s stock valued at $2,403,000 after acquiring an additional 51,320 shares during the period. Swiss National Bank lifted its position in Crinetics Pharmaceuticals by 21.4% in the first quarter. Swiss National Bank now owns 126,500 shares of the company’s stock worth $5,921,000 after purchasing an additional 22,300 shares during the period. Vanguard Group Inc. boosted its stake in Crinetics Pharmaceuticals by 2.1% during the first 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 increased its holdings in Crinetics Pharmaceuticals by 1,224.8% in the 2nd quarter. SG Americas Securities LLC now owns 79,051 shares of the company’s stock valued at $3,541,000 after buying an additional 73,084 shares during the period. Finally, Fisher Asset Management LLC raised its stake in shares of Crinetics Pharmaceuticals by 719.3% in the 4th quarter. Fisher Asset Management LLC now owns 441,295 shares of the company’s stock valued at $15,701,000 after buying an additional 387,435 shares in the last quarter. Institutional investors own 98.51% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Oppenheimer restated an “outperform” rating and set a $73.00 price target (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. JPMorgan Chase & Co. raised their price objective on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. HC Wainwright raised their price objective on shares of Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $97.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Crinetics Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $68.55.

Crinetics Pharmaceuticals Stock Performance

Shares of Crinetics Pharmaceuticals stock traded down $0.15 during midday trading on Thursday, reaching $58.71. 440,632 shares of the company’s stock traded hands, compared to its average volume of 797,662. The company has a market cap of $4.63 billion, a price-to-earnings ratio of -15.54 and a beta of 0.63. Crinetics Pharmaceuticals has a 52 week low of $25.75 and a 52 week high of $59.68. The company’s 50 day simple moving average is $52.33 and its 200 day simple moving average is $49.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.08). The firm had revenue of $0.40 million during the quarter, compared to the consensus estimate of $0.47 million. During the same period in the previous year, the business posted ($0.94) EPS. The firm’s revenue was down 59.6% on a year-over-year basis. As a group, equities research analysts predict that Crinetics Pharmaceuticals will post -3.72 earnings per share for the current 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.