Crinetics (CRNX) PT Raised to $56 at Jones Trading

Jones Trading analyst Catherine Novack raised the price target on Crinetics (NASDAQ: CRNX) to $56.00 (from $52.00) while maintaining a Buy rating.

The analyst comments "Crinetics reported topline Phase 3 PATHFNDR-2 data in acromegaly ( press release ). The data are an unambiguous win, and in our view will establish paltusotine as the drug of choice for patients with acromegaly. Paltusotine achieved the primary endpoint, with 56% (30/54) of paltusotine treated subjects achieving IGF-1 ≤ 1.0 x ULN vs 5% (3/57) placebo (p<0.0001). This is significantly higher than the 30% benchmark set by management and in line with our physician survey that indicated endocrinologists expect 50%-70% response rate in medication naive patients (we note physician expectations are based on older studies with different assays/reference ranges). With these data in hand, paltusotine looks highly competitive not just in acromegaly, but in the entire global SRL market, which is estimated at $6Bn. CRNX shares still have room to run, with Phase 2 CAH data in 2Q24 and pipeline assets set to begin clinical studies in 2025. We are increasing our probability of success in acromegaly to 95% from 80%, which increases our PT to $56 from $52. Reiterate BUY & and increasing PT to $56 from $52."

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