Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Short Interest Up 6.3% in April

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) was the recipient of a large increase in short interest in April. As of April 15th, there was short interest totalling 5,220,000 shares, an increase of 6.3% from the March 31st total of 4,910,000 shares. Based on an average daily trading volume, of 802,900 shares, the short-interest ratio is currently 6.5 days.

Crinetics Pharmaceuticals Trading Up 3.8 %

Crinetics Pharmaceuticals stock traded up $1.73 during mid-day trading on Thursday, hitting $46.78. The company had a trading volume of 608,945 shares, compared to its average volume of 765,708. The company's fifty day moving average is $43.42 and its 200-day moving average is $37.09. Crinetics Pharmaceuticals has a 12-month low of $15.76 and a 12-month high of $49.58. The company has a market capitalization of $3.68 billion, a price-to-earnings ratio of -12.64 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings results on Wednesday, February 28th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 52.93% and a negative net margin of 4,223.27%. The firm's quarterly revenue was down 100.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.84) EPS. As a group, sell-side analysts expect that Crinetics Pharmaceuticals will post -3.34 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CRNX. JMP Securities reaffirmed a "market outperform" rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Thursday, March 28th. HC Wainwright reiterated a "buy" rating and set a $50.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Tuesday, March 19th. Morgan Stanley assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, January 16th. They issued an "overweight" rating and a $50.00 price objective on the stock. Citigroup began coverage on Crinetics Pharmaceuticals in a research note on Wednesday, March 6th. They issued a "buy" rating and a $68.00 price target for the company. Finally, Cantor Fitzgerald lifted their price objective on shares of Crinetics Pharmaceuticals from $50.00 to $65.00 and gave the stock an "overweight" rating in a research note on Monday, March 4th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, Crinetics Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus price target of $54.00.

Insider Activity

In related news, insider Dana Pizzuti sold 15,089 shares of the company's stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $44.06, for a total value of $664,821.34. Following the completion of the transaction, the insider now owns 27,786 shares of the company's stock, valued at approximately $1,224,251.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Matthew K. Fust sold 60,000 shares of the company's stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $44.14, for a total transaction of $2,648,400.00. Following the sale, the director now directly owns 18,536 shares of the company's stock, valued at approximately $818,179.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Dana Pizzuti sold 15,089 shares of the stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $44.06, for a total transaction of $664,821.34. Following the transaction, the insider now owns 27,786 shares of the company's stock, valued at approximately $1,224,251.16. The disclosure for this sale can be found here. Insiders have sold a total of 187,216 shares of company stock valued at $8,509,397 in the last ninety days. Corporate insiders own 7.00% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Amalgamated Bank raised its stake in Crinetics Pharmaceuticals by 10.4% in the 3rd quarter. Amalgamated Bank now owns 6,298 shares of the company's stock valued at $187,000 after purchasing an additional 592 shares during the last quarter. Alps Advisors Inc. raised its stake in shares of Crinetics Pharmaceuticals by 1.6% in the 3rd quarter. Alps Advisors Inc. now owns 40,328 shares of the company's stock valued at $1,199,000 after acquiring an additional 618 shares during the period. China Universal Asset Management Co. Ltd. raised its position in Crinetics Pharmaceuticals by 98.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,403 shares of the company's stock valued at $42,000 after purchasing an additional 695 shares during the period. Hennion & Walsh Asset Management Inc. lifted its stake in Crinetics Pharmaceuticals by 2.5% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 38,087 shares of the company's stock worth $1,783,000 after acquiring an additional 927 shares in the last quarter. Finally, Quarry LP acquired a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter worth about $36,000. Institutional investors and hedge funds 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 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.