Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Short Interest Up 5.7% in March

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNXGet Free Report) was the recipient of a large 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 trading volume of 745,500 shares, the short-interest ratio is currently 6.7 days.

Analysts Set New Price Targets

Several research firms recently weighed in on CRNX. Morgan Stanley began coverage on Crinetics Pharmaceuticals in a report on Tuesday, January 16th. They set an “overweight” rating and a $50.00 price objective on the stock. Robert W. Baird lifted their target price on Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. JMP Securities reaffirmed a “market outperform” rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a report on Thursday, March 28th. Jonestrading lifted their target price on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Finally, Cantor Fitzgerald lifted their target price on Crinetics Pharmaceuticals from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, March 4th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.17.

Read Our Latest Research Report on Crinetics Pharmaceuticals

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the firm’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $37.26, for a total transaction of $111,780.00. Following the transaction, the insider now owns 73,298 shares in the company, valued at approximately $2,731,083.48. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the firm’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $37.26, for a total value of $111,780.00. Following the sale, the insider now owns 73,298 shares of the company’s stock, valued at approximately $2,731,083.48. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Stephanie Okey sold 17,500 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $46.38, for a total value of $811,650.00. Following the completion of the sale, the director now directly owns 6,000 shares in the company, valued at approximately $278,280. The disclosure for this sale can be found here. Insiders have sold a total of 137,890 shares of company stock worth $6,081,310 in the last 90 days. Company insiders own 7.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRNX. JPMorgan Chase & Co. increased its holdings in Crinetics Pharmaceuticals by 69.3% during the 1st quarter. JPMorgan Chase & Co. now owns 81,736 shares of the company’s stock worth $1,793,000 after purchasing an additional 33,463 shares in the last quarter. Group One Trading L.P. increased its holdings in Crinetics Pharmaceuticals by 31.6% during the 1st 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 in the last quarter. MetLife Investment Management LLC increased its holdings in Crinetics Pharmaceuticals by 55.4% during the 1st 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 in the last quarter. Rhumbline Advisers increased its holdings in Crinetics Pharmaceuticals by 10.8% during the 1st quarter. Rhumbline Advisers now owns 47,701 shares of the company’s stock worth $1,047,000 after purchasing an additional 4,654 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in shares of Crinetics Pharmaceuticals by 0.6% in the 1st quarter. BlackRock Inc. now owns 3,296,780 shares of the company’s stock worth $72,365,000 after buying an additional 20,610 shares during the last quarter. 98.51% of the stock is owned by institutional investors.

Crinetics Pharmaceuticals Price Performance

Shares of Crinetics Pharmaceuticals stock opened at $47.62 on Thursday. Crinetics Pharmaceuticals has a one year low of $15.50 and a one year high of $48.13. The firm has a market capitalization of $3.31 billion, a price-to-earnings ratio of -12.87 and a beta of 0.63. The business has a 50-day simple moving average of $40.58 and a 200 day simple moving average of $34.78.

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

About Crinetics Pharmaceuticals

(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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