Short Interest in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Declines By 55.1%

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) was the recipient of a significant decrease in short interest in July. As of July 15th, there was short interest totaling 6,212,042 shares, a decrease of 55.1% from the June 30th total of 13,845,220 shares. Based on an average daily volume of 13,437,117 shares, the short-interest ratio is presently 0.5 days. Currently, 6.1% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. UBS Group reissued a “neutral” rating and issued a $85.00 target price (up from $55.00) on shares of Crinetics Pharmaceuticals in a report on Tuesday. Robert W. Baird increased their target price on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, July 7th. Citizens Jmp cut Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Lifesci Capital lowered shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Finally, JonesTrading downgraded shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and set a $85.00 target price for the company. in a research note on Tuesday, July 7th. Five equities research 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’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $81.00.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the company’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total value of $120,000.00. Following the sale, the director directly owned 19,225 shares in the company, valued at $769,000. This represents a 13.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 on 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 owned 6,400 shares in the company, valued at $228,288. This represents a 51.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Crinetics Pharmaceuticals by 11.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company’s stock valued at $1,995,000 after acquiring an additional 6,148 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Crinetics Pharmaceuticals by 6.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,581 shares of the company’s stock worth $11,658,000 after purchasing an additional 22,305 shares during the period. Strs Ohio bought a new position in shares of Crinetics Pharmaceuticals during the first quarter worth about $124,000. Invesco Ltd. raised its holdings in shares of Crinetics Pharmaceuticals by 11.7% in the second quarter. Invesco Ltd. now owns 78,140 shares of the company’s stock valued at $2,247,000 after purchasing an additional 8,181 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in Crinetics Pharmaceuticals by 20.6% during the second quarter. Sei Investments Co. now owns 60,180 shares of the company’s stock worth $1,731,000 after purchasing an additional 10,269 shares during the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock traded down $0.07 during trading hours on Thursday, reaching $83.81. 823,780 shares of the company’s stock traded hands, compared to its average volume of 2,290,133. The firm has a market capitalization of $8.84 billion, a price-to-earnings ratio of -16.34 and a beta of 0.23. Crinetics Pharmaceuticals has a fifty-two week low of $25.83 and a fifty-two week high of $84.00. The firm’s 50 day moving average is $52.29 and its 200-day moving average is $45.77.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($1.23) EPS for the quarter, missing the consensus estimate of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.The business had revenue of $10.73 million for the quarter, compared to analyst estimates of $8.51 million. During the same quarter in the prior year, the firm earned ($1.04) EPS. The firm’s quarterly revenue was up 2873.4% compared to the same quarter last year. Analysts predict that Crinetics Pharmaceuticals will post -4.86 EPS for the current 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.