Citizens JMP Reiterates Market Outperform Rating on Crinetics (CRNX)

Citizens JMP analyst Jonathan Wolleben reiterated a Market Outperform rating and $90.00 price target on Crinetics (NASDAQ: CRNX).

The analyst commented, "CRNX presented new long-term safety and efficacy data from its open-label extension (OLE) trial of PATHFNDR-1, showing paltusotine maintained IGF-1 levels comparable to prior injected SRL therapy for up to 60 weeks. Similarly, the OLE trial of PATHFNDR-2 showed decreased IGF-1 levels in newly treated patients and maintained levels in previously treated patients over 36 weeks. Over 90% of patients continued into the OLE trials, indicating high enthusiasm for paltusotine, which is poised to be the first daily oral drug approved for acromegaly. New analysis of patient-reported symptom showed that paltusotine reduced the frequency of symptom exacerbations and improved all symptom domains vs. placebo which we think will help adoption as patients will feel a benefit from treatment. We think paltusotine's approval in acromegaly by its September 25 PDUFA date is likely (90% POS). CRNX also presented Phase 2 TouCAHn data for atumelnant in CAH, showing rapid and sustained reductions in androgens including new data showing reduction in 11-oxygenated androgens (11-OH A4), which make up a significant portion of the overall androgen burden and may be associated with improved clinical outcomes. CRNX is initiating site activation for its pivotal CAH trial in adults and plans to commence Phase 2/3 pediatric and ACTH-dependent Cushing’s syndrome trials this half.”

For an analyst ratings summary and ratings history on Crinetics click here. For more ratings news on Crinetics click here.

Shares of Crinetics closed at $33.02 yesterday.

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