Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Sees Significant Decrease in Short Interest

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) was the recipient of a large decrease in short interest in July. As of July 15th, there was short interest totaling 6,212,042 shares, a decrease of 55.1% from the June 30th total of 13,845,220 shares. Approximately 6.1% of the shares of the company are short sold. Based on an average trading volume of 13,437,117 shares, the short-interest ratio is currently 0.5 days.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock traded up $0.06 during trading hours on Tuesday, hitting $83.91. 602,530 shares of the stock were exchanged, compared to its average volume of 2,292,847. The stock has a market capitalization of $8.85 billion, a P/E ratio of -16.36 and a beta of 0.23. The business’s 50-day moving average is $50.36 and its two-hundred day moving average is $45.34. Crinetics Pharmaceuticals has a 12 month low of $25.83 and a 12 month high of $84.00.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.22) by ($0.01). The firm had revenue of $10.73 million during the quarter, compared to the consensus estimate of $8.51 million. Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The business’s revenue was up 2873.4% on a year-over-year basis. During the same quarter last year, the firm posted ($1.04) EPS. On average, equities analysts predict that Crinetics Pharmaceuticals will post -4.86 earnings per share for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

In other news, Director Stephanie Okey sold 6,900 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total transaction of $246,123.00. Following the sale, the director directly owned 6,400 shares in the company, valued at approximately $228,288. The trade was a 51.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 3,000 shares of the company’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the completion of the transaction, the director owned 19,225 shares of the company’s stock, valued at $769,000. The trade was a 13.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. Smartleaf Asset Management LLC grew its holdings in shares of Crinetics Pharmaceuticals by 107.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after purchasing an additional 331 shares during the last quarter. Headlands Technologies LLC acquired a new position in Crinetics Pharmaceuticals during the 2nd quarter worth about $30,000. Parallel Advisors LLC lifted its position in Crinetics Pharmaceuticals by 34.6% during the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after buying an additional 315 shares in the last quarter. Arax Advisory Partners grew its holdings in Crinetics Pharmaceuticals by 131.2% during the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock worth $70,000 after acquiring an additional 850 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Crinetics Pharmaceuticals during the 2nd quarter worth about $45,000. Institutional investors and hedge funds own 98.51% of the company’s stock.

Analysts Set New Price Targets

CRNX has been the topic of several analyst reports. HC Wainwright lowered shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and boosted their price target for the company from $81.00 to $85.00 in a report on Tuesday, July 7th. Citizens Jmp cut Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Cantor Fitzgerald downgraded Crinetics Pharmaceuticals from an “overweight” rating to a “hold” rating in a research report on Tuesday, July 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Friday, July 17th. Finally, Evercore cut Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Five investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Crinetics Pharmaceuticals has a consensus rating of “Hold” and an average target price of $81.00.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.