Examining the Potential Price Growth of Crinetics Pharmaceuticals Inc. (CRNX)


Crinetics Pharmaceuticals Inc.’s filing revealed that its President & CEO Struthers Richard Scott unloaded Company’s shares for reported $0.29 million on Jul 13. In the deal valued at $20.35 per share,14,157 shares were sold. As a result of this transaction, Struthers Richard Scott now holds 630,805 shares worth roughly $ 11.0 million.

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Then, Struthers Richard Scott sold 11,459 shares, generating $231,128 in total proceeds. Upon selling the shares at $20.17, the President & CEO now owns 644,962 shares.

Before that, Struthers Richard Scott sold 24,384 shares. Crinetics Pharmaceuticals Inc. shares valued at $491,094 were divested by the President & CEO at a price of $20.14 per share. As a result of the transaction, Struthers Richard Scott now holds 656,421 shares, worth roughly $11.45 million.

Oppenheimer initiated its Crinetics Pharmaceuticals Inc. [CRNX] rating to an Outperform in a research note published on Friday, August 31, 2023; the price target was $40. PT values the company’s stock at a premium of 56.4 to its Friday closing price.

Price Performance Review of CRNX

On Friday, Crinetics Pharmaceuticals Inc. [NASDAQ:CRNX] saw its stock jump 0.69% to $17.44. On the same session, the stock had its day’s lowest price of $17.40, but rose to a high of $18.05. Over the last five days, the stock has gained 2.11%. Crinetics Pharmaceuticals Inc. shares have fallen nearly -4.70% since the year began. Nevertheless, the stocks have fallen -7.63% over the past one year. While a 52-week high of $24.58 was reached on 05/10/23, a 52-week low of $15.23 was recorded on 03/28/23. SMA at 50 days reached $18.16, while 200 days put it at $18.68. A total of 0.9 million shares were traded, compared to the trading of 0.66 million shares in the previous session.

Levels Of Support And Resistance For CRNX Stock

The 24-hour chart illustrates a support level at 17.21, which if violated will result in even more drops to 16.98. On the upside, there is a resistance level at 17.86. A further resistance level may holdings at 18.28. The Relative Strength Index (RSI) on the 14-day chart is 49.76, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.25, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 35.76%. Stochastics %K at 50.62% indicates the stock is a holding.

How much short interest is there in Crinetics Pharmaceuticals Inc.?

A steep rise in short interest was recorded in Crinetics Pharmaceuticals Inc. stocks on Aug 14, 2023, growing by 0.27 million shares to a total of 3.74 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 3.47 million shares. There was a rise of 7.22%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 7.82% of the overall stock float, the days-to-cover ratio (short ratio) rose to 7.91.

Crinetics Pharmaceuticals Inc. [CRNX] – Who Are The Largest Shareholders?

In filings from Driehaus Capital Management LLC, it is revealed that the company now owns 5,298,088 shares, or roughly 9.81% of the outstanding CRNX shares. In other words, the investor’s shares have risen by 8,569 from its previous 13-F filing of 5289519.0. Additionally, BlackRock Fund Advisors increased 8.56% of its stake after which the total value it holdings stand at $73,704,705, while Wellington Management Co. LLP reduced -0.93% of its stake to hold $68.43 million in the firm. Over the last quarter, The Vanguard Group, Inc. purchased 36,137 shares of Crinetics Pharmaceuticals Inc., while SSgA Funds Management, Inc. bought 18,941 shares. At present, Perceptive Advisors LLC is holding 1,946,937 shares valued at $36.99 million. First Light Asset Management LLC owned 1,557,222 shares of the company at the time of its most recent 13F filing, worth $29.59 million.

According to FactSet, Crinetics Pharmaceuticals Inc.’s share price will average $43.30 in the next year, based on opinions of analysts polled by the firm. This is up nearly 145.38 percent from its previous closing price of $17.32. Analysts expect Crinetics Pharmaceuticals Inc. stock to reach the higher price of $57.00, while the lowest price estimate is $32.00. However, 10 analysts have rated CRNX stock as a Buy in their predictions for 2023.


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