Buy Rating for Crinetics Pharmaceuticals: Strong Financials and Promising Clinical Data

Cory Jubinville, PhD, an analyst from LifeSci Capital, maintained the Buy rating on Crinetics Pharmaceuticals (CRNX – Research Report). The associated price target was raised to $69.00.

Cory Jubinville, PhD has given his Buy rating due to a combination of factors including Crinetics Pharmaceuticals’ robust financial standing and the strong clinical data for their leading drug candidate, paltusotine. Paltusotine has shown potential as a best-in-class treatment for acromegaly, with benefits in convenience and efficacy over current standards of care. The positive feedback from key opinion leaders and the anticipated high adoption rate of paltusotine among patients, due to its oral administration, further support its significant market share potential. Additionally, the patient preference for oral medication aligns with the company’s product profile, indicating a successful future commercial launch.

Looking ahead, the company’s transition to a commercial-stage entity by 2025, multiple Phase III study advancements, and the first regulatory submission are all imminent milestones contributing to the positive outlook. With a strong balance sheet reflecting $901 million in cash reserves, Crinetics is well-positioned for upcoming developments. The anticipation of data from the Phase II study of atumelnant in congenital adrenal hyperplasia serves as the next major catalyst, reinforcing Jubinville’s confidence in the company’s trajectory and justifying the Buy rating.

Jubinville, PhD covers the Healthcare sector, focusing on stocks such as Larimar Therapeutics, Crinetics Pharmaceuticals, and Tarsus Pharmaceuticals. According to TipRanks, Jubinville, PhD has an average return of 35.3% and a 58.62% success rate on recommended stocks.

In another report released today, Citi also assigned a Buy rating to the stock with a $70.00 price target.

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Crinetics Pharmaceuticals (CRNX) Company Description:

Crinetics Pharmaceuticals, Inc. operates as a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. Its product candidate, CRN00808, is an oral nonpeptide somatostatin agonist for the treatment of acromegaly. It is also developing other oral nonpeptide somatostatin agonists for neuroendocrine tumors and hyperinsulinism, as well as an oral nonpeptide ACTH antagonist for the treatment of Cushing’s disease. The company was founded by R. Scott Struthers, Yun-Fei Zhu and Stephen F. Betz in 2008 and is headquartered in San Diego, CA.