Short interest on CRNX sees a significant decrease on Jan 31, 2024

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Crinetics Pharmaceuticals Inc shares valued at $111,780 were sold by Betz Stephen F. on Jan 25. At $37.26 per share, Betz Stephen F. sold 3,000 shares. The insider’s holdings dropped to 73,298 shares worth approximately $2.66 million following the completion of this transaction.

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Also, Betz Stephen F. sold 3,000 shares, netting a total of over 112,950 in proceeds. Following the sale of shares at $37.65 each, the insider now holds 76,298 shares.

Before that, Pizzuti Dana had sold 14,375 shares from its account. In a trade valued at $503,125, the Chief Med and Dev Officer traded Crinetics Pharmaceuticals Inc shares for $35.00 each. Upon closing the transaction, the insider’s holdings decreased to 14,375 shares, worth approximately $0.21 million.

As published in their initiating research note from Morgan Stanley on January 16, 2024, Crinetics Pharmaceuticals Inc [CRNX] has been an Overweight and the price target has been revised to $50.

Analyzing CRNX Stock Performance

During the last five days, there has been a drop of approximately -3.89%. Over the course of the year, Crinetics Pharmaceuticals Inc shares have jumped approximately 2.05%. Shares of the company reached a 52-week high of $40.50 on 02/12/24 and a 52-week low of $33.67 on 01/05/24. A 50-day SMA is recorded $36.06, while a 200-day SMA reached $26.43. Nevertheless, trading volume fell to 0.58 million shares from 0.65 million shares the previous day.

Support And Resistance Levels for Crinetics Pharmaceuticals Inc (CRNX)

According to the 24-hour chart, there is a support level at 35.82, which, if violated, would cause prices to drop to 35.32. In the upper region, resistance lies at 36.78. The next price resistance is at 37.25. RSI (Relative Strength Index) is 46.48 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.33, which suggests the price will decrease in the coming days. Percent R is at 87.29%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Crinetics Pharmaceuticals Inc subject to short interest?

Stocks of Crinetics Pharmaceuticals Inc saw a sharp steep in short interest on Jan 31, 2024 dropping by 70000.0 shares to 5.07 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2023 was 5.14 million shares. A decline of -1.38% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 7.86 of the overall float, the days-to-cover ratio (short ratio) decline to 7.86.

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