Crinetics Pharmaceuticals Inc (NASDAQ:CRNX) saw a significant decline in short interest in the month of January. As of January 15th, there was short interest totalling 1,840,000 shares, a decline of 9.8% from the December 31st total of 2,040,000 shares. Approximately 13.2% of the shares of the company are sold short. Based on an average trading volume of 56,600 shares, the days-to-cover ratio is currently 32.5 days.
CRNX has been the subject of several recent analyst reports. TheStreet raised shares of Crinetics Pharmaceuticals from a “d” rating to a “c-” rating in a research report on Thursday, January 9th. HC Wainwright reaffirmed a “buy” rating and set a $35.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Thursday, November 21st. Zacks Investment Research raised shares of Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Wednesday, January 22nd. Roth Capital initiated coverage on shares of Crinetics Pharmaceuticals in a research report on Monday, December 23rd. They set a “buy” rating and a $37.00 price objective for the company. Finally, ValuEngine raised shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Friday, January 24th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Crinetics Pharmaceuticals presently has a consensus rating of “Buy” and a consensus price target of $37.33.
CRNX traded up $0.04 on Wednesday, hitting $22.44. 3,349 shares of the stock were exchanged, compared to its average volume of 70,554. Crinetics Pharmaceuticals has a 12 month low of $14.33 and a 12 month high of $28.81. The business has a 50-day moving average of $23.62 and a two-hundred day moving average of $19.73. The company has a debt-to-equity ratio of 0.04, a current ratio of 17.18 and a quick ratio of 17.18. The firm has a market capitalization of $553.67 million, a price-to-earnings ratio of -12.21 and a beta of 1.10.
In other news, Director Matthew K. Fust sold 3,500 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $22.50, for a total value of $78,750.00. Following the completion of the sale, the director now owns 16,036 shares of the company’s stock, valued at $360,810. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 7.40% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of CRNX. JPMorgan Chase & Co. lifted its holdings in shares of Crinetics Pharmaceuticals by 45.3% in the second quarter. JPMorgan Chase & Co. now owns 3,033 shares of the company’s stock worth $75,000 after acquiring an additional 946 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Crinetics Pharmaceuticals by 0.4% in the second quarter. Price T Rowe Associates Inc. MD now owns 487,916 shares of the company’s stock valued at $12,198,000 after buying an additional 1,786 shares during the period. Marshall Wace North America L.P. acquired a new position in shares of Crinetics Pharmaceuticals in the first quarter valued at approximately $43,000. Tower Research Capital LLC TRC increased its stake in shares of Crinetics Pharmaceuticals by 441.4% in the third quarter. Tower Research Capital LLC TRC now owns 2,691 shares of the company’s stock valued at $40,000 after buying an additional 2,194 shares during the period. Finally, State Street Corp increased its stake in shares of Crinetics Pharmaceuticals by 1.3% in the third quarter. State Street Corp now owns 206,296 shares of the company’s stock valued at $3,103,000 after buying an additional 2,668 shares during the period. 76.84% of the stock is 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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