Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Sees Large Increase in Short Interest

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNXGet Free Report) was the recipient of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 5,010,000 shares, an increase of 5.7% from the February 29th total of 4,740,000 shares. Based on an average daily trading volume, of 745,500 shares, the days-to-cover ratio is presently 6.7 days.

Analyst Ratings Changes

Several analysts have commented on the stock. Morgan Stanley began coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, January 16th. They issued an “overweight” rating and a $50.00 price objective on the stock. Jonestrading upped their target price on shares of Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Oppenheimer raised their target price on shares of Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Wednesday, March 20th. HC Wainwright reaffirmed a “buy” rating and issued a $50.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, March 19th. Finally, Citigroup started coverage on Crinetics Pharmaceuticals in a report on Wednesday, March 6th. They set a “buy” rating and a $68.00 price target for the company. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.17.

Get Our Latest Report on Crinetics Pharmaceuticals

Crinetics Pharmaceuticals Trading Up 0.1 %

NASDAQ:CRNX traded up $0.04 on Wednesday, hitting $46.04. The stock had a trading volume of 47,651 shares, compared to its average volume of 755,485. The business’s 50-day simple moving average is $40.36 and its two-hundred day simple moving average is $34.69. Crinetics Pharmaceuticals has a 52-week low of $15.50 and a 52-week high of $47.62.

Crinetics Pharmaceuticals (NASDAQ:CRNXGet Free Report) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 52.93% and a negative net margin of 4,223.27%. Crinetics Pharmaceuticals’s revenue for the quarter was down 100.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.84) earnings per share. Analysts expect that Crinetics Pharmaceuticals will post -3.34 EPS for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, insider Stephen F. Betz sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, January 10th. The shares were sold at an average price of $37.65, for a total value of $112,950.00. Following the completion of the sale, the insider now owns 76,298 shares in the company, valued at approximately $2,872,619.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, January 10th. The shares were sold at an average price of $37.65, for a total value of $112,950.00. Following the completion of the sale, the insider now directly owns 76,298 shares of the company’s stock, valued at $2,872,619.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Marc Wilson sold 6,942 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $42.91, for a total transaction of $297,881.22. Following the transaction, the chief financial officer now owns 110,630 shares in the company, valued at approximately $4,747,133.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 137,890 shares of company stock valued at $6,081,310. 7.00% of the stock is currently owned by company insiders.

Institutional Trading of Crinetics Pharmaceuticals

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its position in shares of Crinetics Pharmaceuticals by 16.3% during the 2nd quarter. BlackRock Inc. now owns 4,600,486 shares of the company’s stock valued at $82,901,000 after buying an additional 644,128 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Crinetics Pharmaceuticals by 1.1% in the third quarter. Wellington Management Group LLP now owns 3,640,235 shares of the company’s stock worth $108,261,000 after purchasing an additional 38,523 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Crinetics Pharmaceuticals by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 3,502,452 shares of the company’s stock valued at $124,617,000 after purchasing an additional 95,417 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Crinetics Pharmaceuticals by 16.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,008,858 shares of the company’s stock valued at $107,056,000 after buying an additional 430,659 shares in the last quarter. Finally, Jennison Associates LLC boosted its holdings in Crinetics Pharmaceuticals by 77.7% in the 4th quarter. Jennison Associates LLC now owns 2,547,683 shares of the company’s stock worth $90,647,000 after buying an additional 1,113,992 shares during the period. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Company Profile

(Get Free Report)

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.

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