Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Brief Update on Interests
Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) benefited from a significant increase in short-term interest in January. As of January 31, there was short interest totaling 1,700,000 shares, an increase of 39.3% from the total of 1,220,000 shares as of January 15. Based on an average daily volume of 279,000 shares, the day-to-cover ratio is currently 6.1 days.
In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 7,168 shares of Crinetics Pharmaceuticals in a trade on Monday, January 3. The shares were sold at an average price of $28.02, for a total transaction of $200,847.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available via this hyperlink. Also, insider Ajay Madan sold 13,411 shares of Crinetics Pharmaceuticals in a trade on Monday, February 7. The stock was sold at an average price of $17.83, for a total transaction of $239,118.13. Disclosure of this sale can be found here. Over the past three months, insiders have sold 42,206 shares of the company valued at $971,585. 7.40% of the shares are currently held by insiders.
Several hedge funds have recently increased or reduced their holdings in the stock. Deep Track Capital LP bought a new position in Crinetics Pharmaceuticals in the fourth quarter at a value of approximately $53,979,000. Perceptive Advisors LLC increased its stake in Crinetics Pharmaceuticals by 30.3% in the fourth quarter. Perceptive Advisors LLC now owns 5,163,517 shares of the company worth $146,696,000 after purchasing an additional 1,200,000 shares in the last quarter. BVF Inc. IL increased its stake in Crinetics Pharmaceuticals by 3,828.7% in the third quarter. BVF Inc. IL now owns 953,879 shares of the company worth $20,079,000 after purchasing an additional 929,599 shares in the last quarter. Point72 Asset Management LP increased its holdings in Crinetics Pharmaceuticals by 145.5% in the fourth quarter. Point72 Asset Management LP now owns 1,104,476 shares of the company worth $31,378,000 after purchasing an additional 654,676 shares in the last quarter. Finally, Bain Capital Life Sciences Investors LLC increased its stake in Crinetics Pharmaceuticals by 56.8% in the second quarter. Bain Capital Life Sciences Investors LLC now owns 1,679,701 shares of the company worth $31,662,000 after purchasing an additional 608,273 shares in the last quarter. Hedge funds and other institutional investors hold 77.08% of the company’s shares.
CRNX stock opened at $20.04 on Thursday. The company has a 50-day moving average price of $22.84. The company has a market capitalization of $951.90 million, a P/E ratio of -7.21 and a beta of 1.50. Crinetics Pharmaceuticals has a 1-year low of $13.84 and a 1-year high of $28.95.
CRNX has been the subject of several reports by research analysts. HC Wainwright raised its price target on Crinetics Pharmaceuticals from $30.00 to $35.00 and gave the stock a “buy” rating in a Monday, Nov. 8 research report. JMP Securities reiterated a “buy” rating and set a target price of $43.00 on Crinetics Pharmaceuticals shares in a Wednesday, Jan. 5 research report. Evercore ISI began covering Crinetics Pharmaceuticals in a research report on Tuesday, November 23. They set an “outperform” rating for the company. Finally, Zacks Investment Research downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, December 28. One equity research analyst gave the stock a hold rating and six gave the stock a buy rating. According to MarketBeat.com, the stock currently has a consensus buy rating and a consensus price target of $35.33.
About Crinetics Pharmaceuticals
Crinetics Pharmaceuticals, Inc. operates as a clinical-stage pharmaceutical company focused on the discovery, development and commercialization of novel therapies for rare endocrine diseases and endocrine tumors. Its product candidate, CRN00808, is an oral non-peptide somatostatin agonist for the treatment of acromegaly.
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