Short Interest in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Rises By 11.0%

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) was the recipient of a large increase in short interest during the month of August. As of August 15th, there was short interest totalling 3,740,000 shares, an increase of 11.0% from the July 31st total of 3,370,000 shares. Based on an average daily volume of 472,400 shares, the days-to-cover ratio is presently 7.9 days.

Crinetics Pharmaceuticals Trading Up 0.2 %

Shares of CRNX stock traded up $0.04 during trading hours on Wednesday, reaching $16.56. 32,796 shares of the company’s stock were exchanged, compared to its average volume of 452,424. Crinetics Pharmaceuticals has a 1 year low of $15.23 and a 1 year high of $24.58. The stock has a market cap of $905.67 million, a PE ratio of -4.84 and a beta of 0.87. The stock’s fifty day moving average price is $18.33 and its two-hundred day moving average price is $19.00.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. JMP Securities dropped their price target on Crinetics Pharmaceuticals from $43.00 to $42.00 and set a “market outperform” rating for the company in a research note on Wednesday, August 9th. HC Wainwright decreased their target price on Crinetics Pharmaceuticals from $35.00 to $33.00 and set a “buy” rating for the company in a research report on Wednesday, August 9th. Robert W. Baird cut their price target on Crinetics Pharmaceuticals from $48.00 to $43.00 in a research note on Wednesday, August 9th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $45.00 price target on shares of Crinetics Pharmaceuticals in a research note on Tuesday, August 22nd. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $43.80.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 14,157 shares of the business’s stock in a transaction dated Thursday, July 13th. The stock was sold at an average price of $20.35, for a total value of $288,094.95. Following the completion of the transaction, the chief executive officer now owns 630,805 shares of the company’s stock, valued at approximately $12,836,881.75. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Richard Scott Struthers sold 14,157 shares of the company’s stock in a transaction dated Thursday, July 13th. The shares were sold at an average price of $20.35, for a total transaction of $288,094.95. Following the completion of the sale, the chief executive officer now owns 630,805 shares of the company’s stock, valued at approximately $12,836,881.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Coelho Rogerio Vivaldi purchased 5,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Thursday, June 8th. The shares were acquired at an average cost of $22.06 per share, with a total value of $110,300.00. Following the transaction, the director now directly owns 5,000 shares in the company, valued at $110,300. The disclosure for this purchase can be found here. Insiders sold a total of 119,463 shares of company stock valued at $2,437,201 in the last quarter. 7.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of large investors have recently modified their holdings of CRNX. JPMorgan Chase & Co. grew its stake in shares of Crinetics Pharmaceuticals by 69.3% during the first quarter. JPMorgan Chase & Co. now owns 81,736 shares of the company’s stock worth $1,793,000 after acquiring an additional 33,463 shares during the last quarter. Group One Trading L.P. lifted its holdings in shares of Crinetics Pharmaceuticals by 31.6% during the first quarter. Group One Trading L.P. now owns 7,318 shares of the company’s stock worth $161,000 after purchasing an additional 1,759 shares during the period. MetLife Investment Management LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 55.4% during the first quarter. MetLife Investment Management LLC now owns 25,417 shares of the company’s stock worth $558,000 after purchasing an additional 9,063 shares during the period. Rhumbline Advisers lifted its holdings in shares of Crinetics Pharmaceuticals by 10.8% during the first quarter. Rhumbline Advisers now owns 47,701 shares of the company’s stock worth $1,047,000 after purchasing an additional 4,654 shares during the period. Finally, BlackRock Inc. lifted its holdings in shares of Crinetics Pharmaceuticals by 0.6% during the first quarter. BlackRock Inc. now owns 3,296,780 shares of the company’s stock worth $72,365,000 after purchasing an additional 20,610 shares during the period. Hedge funds and other institutional investors own 98.51% of the company’s stock.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc, a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for endocrine diseases and endocrine-related tumors. The company's lead product candidate is Paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist that has completed phase III clinical trial for the treatment of acromegaly, as well as completed phase II clinical trial to treat carcinoid syndrome and nonfunctional neuroendocrine tumors (NETs).