Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Short Interest Down 5.9% in April

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) saw a large decline in short interest in April. As of April 30th, there was short interest totalling 4,910,000 shares, a decline of 5.9% from the April 15th total of 5,220,000 shares. Based on an average daily trading volume, of 827,000 shares, the days-to-cover ratio is currently 5.9 days.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Stephen F. Betz sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $49.43, for a total transaction of $148,290.00. Following the sale, the insider now owns 89,643 shares of the company's stock, valued at approximately $4,431,053.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $49.43, for a total transaction of $148,290.00. Following the completion of the transaction, the insider now owns 89,643 shares of the company's stock, valued at approximately $4,431,053.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Richard Scott Struthers sold 107,448 shares of the company's stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $49.40, for a total value of $5,307,931.20. Following the sale, the chief executive officer now directly owns 257,485 shares in the company, valued at $12,719,759. The disclosure for this sale can be found here. In the last quarter, insiders have sold 297,664 shares of company stock worth $13,965,618. 7.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD increased its position in shares of Crinetics Pharmaceuticals by 27.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company's stock valued at $178,966,000 after acquiring an additional 814,360 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Crinetics Pharmaceuticals by 1.1% during the third quarter. Wellington Management Group LLP now owns 3,640,235 shares of the company's stock worth $108,261,000 after buying an additional 38,523 shares during the period. Vanguard Group Inc. grew its stake in shares of Crinetics Pharmaceuticals by 2.1% in the first quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company's stock valued at $167,349,000 after buying an additional 72,624 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of Crinetics Pharmaceuticals by 10.6% in the 1st quarter. Jennison Associates LLC now owns 2,817,854 shares of the company's stock valued at $131,904,000 after buying an additional 270,171 shares during the period. Finally, FMR LLC lifted its stake in Crinetics Pharmaceuticals by 97.7% during the 3rd quarter. FMR LLC now owns 2,140,861 shares of the company's stock worth $63,669,000 after acquiring an additional 1,057,947 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Trading Down 1.0 %

CRNX traded down $0.51 during trading on Friday, reaching $51.40. The company's stock had a trading volume of 635,233 shares, compared to its average volume of 782,985. The firm has a fifty day simple moving average of $45.05 and a two-hundred day simple moving average of $38.56. Crinetics Pharmaceuticals has a 1 year low of $15.76 and a 1 year high of $52.03.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its earnings results on Thursday, May 9th. The company reported ($0.93) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.09). Crinetics Pharmaceuticals had a negative net margin of 4,223.27% and a negative return on equity of 42.50%. The company had revenue of $0.64 million during the quarter, compared to analysts' expectations of $0.20 million. During the same quarter in the previous year, the company earned ($0.85) earnings per share. The firm's quarterly revenue was down 76.1% compared to the same quarter last year. Analysts expect that Crinetics Pharmaceuticals will post -3.52 EPS for the current fiscal year.

Analysts Set New Price Targets

CRNX has been the topic of several recent research reports. Citigroup initiated coverage on Crinetics Pharmaceuticals in a report on Wednesday, March 6th. They set a "buy" rating and a $68.00 price target on the stock. Jonestrading lifted their price objective on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a "buy" rating in a report on Wednesday, March 20th. Cantor Fitzgerald reissued an "overweight" rating and issued a $65.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Tuesday. Piper Sandler upped their price target on Crinetics Pharmaceuticals from $56.00 to $97.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 7th. Finally, Robert W. Baird lifted their price target on Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the company an "outperform" rating in a research note on Thursday, February 29th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $58.42.

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.

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