Cory Jubinville, PhD, an analyst from LifeSci Capital, maintained the Buy rating on Crinetics Pharmaceuticals (CRNX – Research Report). The associated price target is $62.00.
Cory Jubinville, PhD has given his Buy rating due to a combination of factors surrounding Crinetics Pharmaceuticals’ strategic financial and clinical advancements. The company’s recent financial earnings report revealed a fortified cash position of approximately $900 million, following an oversubscribed private placement of $350 million. This strengthened financial foundation is expected to support Crinetics’ operations well into 2028, across several potential turning points in the company’s development pipeline. These developments are seen as pivotal for the company’s growth and sustainability.
Furthermore, Crinetics is on the verge of releasing critical Phase III data for paltusotine in the treatment of acromegaly, which could significantly broaden the drug’s label and market potential. The anticipation of favorable outcomes from the PATHFNDR-2 study and the possibility of paltusotine becoming a first-line treatment option provide a bullish outlook for the stock. Additionally, the company maintains an active pipeline with promising early-stage programs targeting other major conditions, reinforcing the optimism in Jubinville’s Buy rating.
In another report released today, Robert W. Baird also maintained a Buy rating on the stock with a $52.00 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.
Read More on CRNX:
- Crinetics Pharmaceuticals Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Corporate Update
- Crinetics to sell 8.33M shares at $42.00 in private placement
- Crinetics Pharmaceuticals Announces Oversubscribed $350 Million Private Placement
- Is CRNX a Buy, Before Earnings?
- Crinetics Pharmaceuticals to Report Fourth Quarter and Full Year 2023 Financial Results on February 28, 2024
