Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Short Interest Down 7.5% in November

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) was the target of a significant decline in short interest in the month of November. As of November 30th, there was short interest totalling 6,010,000 shares, a decline of 7.5% from the November 15th total of 6,500,000 shares. Based on an average daily volume of 713,200 shares, the short-interest ratio is currently 8.4 days.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX stock opened at $55.37 on Wednesday. Crinetics Pharmaceuticals has a 12-month low of $32.92 and a 12-month high of $62.53. The firm has a market capitalization of $5.13 billion, a price-to-earnings ratio of -14.84 and a beta of 0.60. The business has a 50 day simple moving average of $56.91 and a 200 day simple moving average of $52.51.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its 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 period in the previous year, the business posted ($1.01) earnings per share. On average, equities analysts anticipate that Crinetics Pharmaceuticals will post -3.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CRNX shares. Citigroup boosted their price objective on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. JMP Securities reiterated a “market outperform” rating and issued a $87.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday. HC Wainwright boosted 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 report on Monday, September 16th. 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.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $70.82.

Insider Activity

In related news, COO Jeff E. Knight sold 501 shares of Crinetics Pharmaceuticals stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $56.52, for a total value of $28,316.52. Following the transaction, the chief operating officer now owns 51,653 shares in the company, valued at approximately $2,919,427.56. This trade represents a 0.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction 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 in the company, valued at $1,557,337.41. The trade was a 33.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 39,876 shares of company stock valued at $2,091,373 over the last quarter. Company insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the company. Comerica Bank acquired a new stake in shares of Crinetics Pharmaceuticals during the 1st quarter valued at $33,000. Hennion & Walsh Asset Management Inc. increased its position in Crinetics Pharmaceuticals by 8.6% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 41,344 shares of the company’s stock worth $1,852,000 after buying an additional 3,257 shares during the last quarter. Calamos Advisors LLC increased its position in Crinetics Pharmaceuticals by 46.0% during the second quarter. Calamos Advisors LLC now owns 42,336 shares of the company’s stock worth $1,896,000 after buying an additional 13,336 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Crinetics Pharmaceuticals by 30.3% during the second quarter. Bank of New York Mellon Corp now owns 386,450 shares of the company’s stock valued at $17,309,000 after acquiring an additional 89,972 shares during the period. Finally, Legato Capital Management LLC boosted its holdings in Crinetics Pharmaceuticals by 92.5% during the second quarter. Legato Capital Management LLC now owns 19,015 shares of the company’s stock valued at $852,000 after acquiring an additional 9,135 shares during the period. 98.51% of the stock is currently owned by institutional investors and hedge funds.

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.