Crinetics Pharmaceuticals Inc (NASDAQ:CRNX) saw a large drop in short interest in the month of December. As of December 31st, there was short interest totalling 1,840,000 shares, a drop of 9.8% from the December 15th total of 2,040,000 shares. Based on an average daily trading volume, of 55,500 shares, the short-interest ratio is currently 33.2 days. Approximately 13.2% of the company’s stock are short sold.

CRNX stock opened at $24.84 on Tuesday. The company’s 50-day moving average price is $22.47 and its two-hundred day moving average price is $19.83. Crinetics Pharmaceuticals has a 12 month low of $14.33 and a 12 month high of $28.81. The company has a quick ratio of 17.18, a current ratio of 17.18 and a debt-to-equity ratio of 0.04. The firm has a market cap of $625.90 million, a P/E ratio of -11.14 and a beta of 1.10.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.03). The company had revenue of $0.51 million during the quarter, compared to analyst estimates of $0.33 million. Equities analysts predict that Crinetics Pharmaceuticals will post -2.16 EPS for the current year.

A number of research firms have recently weighed in on CRNX. Roth Capital began coverage on shares of Crinetics Pharmaceuticals in a report on Monday, December 23rd. They set a “buy” rating and a $37.00 price target on the stock. Zacks Investment Research upgraded shares of Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Tuesday, October 15th. HC Wainwright reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Thursday, November 21st. TheStreet raised shares of Crinetics Pharmaceuticals from a “d” rating to a “c-” rating in a research note on Thursday, January 9th. Finally, ValuEngine lowered shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Crinetics Pharmaceuticals currently has a consensus rating of “Buy” and an average price target of $37.33.

In other Crinetics Pharmaceuticals news, Director Matthew K. Fust sold 3,500 shares of Crinetics Pharmaceuticals stock in a transaction on Monday, December 16th. The shares were sold at an average price of $22.50, for a total transaction of $78,750.00. Following the completion of the sale, the director now owns 16,036 shares of the company’s stock, valued at approximately $360,810. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 7.40% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. Eventide Asset Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 17.8% in the third quarter. Eventide Asset Management LLC now owns 947,000 shares of the company’s stock worth $14,243,000 after purchasing an additional 143,161 shares during the last quarter. Citadel Advisors LLC acquired a new position in shares of Crinetics Pharmaceuticals in the second quarter valued at approximately $295,000. Tower Research Capital LLC TRC grew its holdings in Crinetics Pharmaceuticals by 441.4% during the 3rd quarter. Tower Research Capital LLC TRC now owns 2,691 shares of the company’s stock worth $40,000 after acquiring an additional 2,194 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in Crinetics Pharmaceuticals during the 3rd quarter worth approximately $1,985,000. Finally, State Street Corp grew its holdings in Crinetics Pharmaceuticals by 1.3% during the 3rd quarter. State Street Corp now owns 206,296 shares of the company’s stock worth $3,103,000 after acquiring an additional 2,668 shares in the last quarter. 76.84% of the stock is currently owned by institutional investors and hedge funds.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc, a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for rare endocrine diseases and endocrine-related tumors. Its lead product candidate is CRN00808, an oral selective nonpeptide somatostatin receptor type 2 biased agonist, which is in Phase I clinical trials used for the treatment of acromegaly.

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