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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) was the target of a large increase in short interest in June. As of June 15th, there was short interest totalling 5,860,000 shares, an increase of 16.5% from the May 31st total of 5,030,000 shares. Based on an average trading volume of 878,700 shares, the short-interest ratio is currently 6.7 days.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CRNX. Cantor Fitzgerald restated an “overweight” rating and issued a $65.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Tuesday, May 14th. Oppenheimer raised their price objective on shares of Crinetics Pharmaceuticals from $55.00 to $74.00 and gave the stock an “outperform” rating in a report on Tuesday, June 4th. Robert W. Baird increased their target price on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the stock an “outperform” rating in a research report on Thursday, May 23rd. Jonestrading lifted their price target on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Finally, Piper Sandler reissued an “overweight” rating and set a $97.00 price objective on shares of Crinetics Pharmaceuticals in a report on Tuesday. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $62.50.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, CEO Richard Scott Struthers sold 40,951 shares of the company’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $49.17, for a total value of $2,013,560.67. Following the completion of the sale, the chief executive officer now owns 237,835 shares in the company, valued at approximately $11,694,346.95. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO Marc Wilson sold 32,129 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $43.61, for a total value of $1,401,145.69. Following the transaction, the chief financial officer now owns 111,092 shares in the company, valued at $4,844,722.12. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Richard Scott Struthers sold 40,951 shares of the firm’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $49.17, for a total value of $2,013,560.67. Following the completion of the sale, the chief executive officer now directly owns 237,835 shares of the company’s stock, valued at $11,694,346.95. The disclosure for this sale can be found here. In the last three months, insiders have sold 229,359 shares of company stock worth $10,930,996. Corporate insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Comerica Bank bought a new position in Crinetics Pharmaceuticals during the 1st quarter worth approximately $33,000. Quarry LP bought a new position in shares of Crinetics Pharmaceuticals in the fourth quarter worth approximately $36,000. AJOVista LLC purchased a new position in shares of Crinetics Pharmaceuticals in the fourth quarter worth $58,000. HighMark Wealth Management LLC purchased a new stake in Crinetics Pharmaceuticals during the 4th quarter valued at $151,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in Crinetics Pharmaceuticals in the 1st quarter worth $200,000. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ:CRNX opened at $45.54 on Wednesday. Crinetics Pharmaceuticals has a one year low of $15.76 and a one year high of $53.70. The firm has a market capitalization of $3.59 billion, a price-to-earnings ratio of -12.05 and a beta of 0.68. The company’s fifty day moving average price is $46.43 and its 200-day moving average price is $42.20.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.93) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.09). The firm had revenue of $0.64 million during the quarter, compared to analysts’ expectations of $0.20 million. The company’s quarterly revenue was down 76.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.85) EPS. As a group, equities research analysts expect that Crinetics Pharmaceuticals will post -3.53 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.