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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) was the recipient of a significant drop in short interest during the month of July. As of July 15th, there was short interest totaling 6,212,042 shares, a drop of 55.1% from the June 30th total of 13,845,220 shares. Currently, 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 presently 0.5 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Cantor Fitzgerald downgraded shares of Crinetics Pharmaceuticals from an “overweight” rating to a “hold” rating in a research report on Tuesday, July 7th. Jefferies Financial Group lowered Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and raised their price objective for the stock from $55.00 to $85.00 in a research note on Tuesday, July 7th. Evercore downgraded Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. JonesTrading downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and set a $85.00 target price for the company. in a research report on Tuesday, July 7th. Finally, HC Wainwright lowered Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and increased their target price for the stock from $81.00 to $85.00 in a report on Tuesday, July 7th. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $81.00.

Insider Buying and Selling

In related news, Director Coelho Rogerio Vivaldi sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the sale, the director directly owned 19,225 shares of the company’s stock, valued at approximately $769,000. This trade represents a 13.50% decrease in their position. 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 Stephanie Okey sold 6,900 shares of the business’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total transaction of $246,123.00. Following the completion of the sale, the director directly owned 6,400 shares of the company’s stock, valued at approximately $228,288. The trade was a 51.88% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

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

Crinetics Pharmaceuticals Stock Performance

Shares of Crinetics Pharmaceuticals stock traded up $0.07 on Wednesday, reaching $83.94. 1,125,159 shares of the stock were exchanged, compared to its average volume of 2,296,669. The firm has a market cap of $8.85 billion, a PE ratio of -16.36 and a beta of 0.23. The firm’s 50 day moving average is $51.34 and its 200-day moving average is $45.55. Crinetics Pharmaceuticals has a one year low of $25.83 and a one year high of $84.00.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data 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). Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The firm had revenue of $10.73 million during the quarter, compared to the consensus estimate of $8.51 million. During the same period last year, the business earned ($1.04) earnings per share. The business’s revenue was up 2873.4% compared to the same quarter last year. On average, equities research analysts expect that Crinetics Pharmaceuticals will post -4.86 EPS for the current fiscal year.

About Crinetics Pharmaceuticals

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.