Short Interest in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Rises By 6.3%

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) was the recipient of a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 5,220,000 shares, a growth of 6.3% from the March 31st total of 4,910,000 shares. Based on an average daily volume of 802,900 shares, the days-to-cover ratio is currently 6.5 days.

Insider Transactions at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 14,375 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $44.47, for a total value of $639,256.25. Following the sale, the insider now owns 27,786 shares in the company, valued at $1,235,643.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Dana Pizzuti sold 14,375 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $44.47, for a total value of $639,256.25. Following the transaction, the insider now owns 27,786 shares of the company’s stock, valued at $1,235,643.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Marc Wilson sold 6,942 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $42.91, for a total transaction of $297,881.22. Following the sale, the chief financial officer now directly owns 110,630 shares of the company’s stock, valued at $4,747,133.30. The disclosure for this sale can be found here. Insiders sold 187,216 shares of company stock worth $8,509,397 over the last quarter. 7.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Campbell & CO Investment Adviser LLC increased its position in Crinetics Pharmaceuticals by 196.0% during the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 63,917 shares of the company’s stock valued at $1,901,000 after buying an additional 42,323 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Crinetics Pharmaceuticals by 31.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 461,303 shares of the company’s stock valued at $13,719,000 after acquiring an additional 110,565 shares in the last quarter. Vivo Capital LLC purchased a new position in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at approximately $10,409,000. Victory Capital Management Inc. acquired a new stake in Crinetics Pharmaceuticals in the 3rd quarter worth approximately $1,338,000. Finally, Swiss National Bank grew its position in Crinetics Pharmaceuticals by 41.6% during the 3rd quarter. Swiss National Bank now owns 116,400 shares of the company’s stock worth $3,462,000 after purchasing an additional 34,200 shares during the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Analysts Set New Price Targets

CRNX has been the subject of a number of analyst reports. Citigroup initiated coverage on Crinetics Pharmaceuticals in a research note on Wednesday, March 6th. They issued a “buy” rating and a $68.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $50.00 price target on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 19th. Oppenheimer increased their price objective on shares of Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Wednesday, March 20th. Morgan Stanley started coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, January 16th. They set an “overweight” rating and a $50.00 target price for the company. Finally, Jonestrading increased their price target on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Crinetics Pharmaceuticals Stock Up 2.8 %

Shares of NASDAQ CRNX opened at $45.05 on Thursday. Crinetics Pharmaceuticals has a twelve month low of $15.76 and a twelve month high of $49.58. The business has a fifty day simple moving average of $43.25 and a two-hundred day simple moving average of $37.04.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced 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%. The company’s quarterly revenue was down 100.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.84) earnings per share. As a group, sell-side analysts expect that Crinetics Pharmaceuticals will post -3.34 EPS 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.