Piper Sandler: 'We Remain Bullish on Crinetics (CRNX)'

Piper Sandler analyst Yasmeen Rahimi reiterated an Overweight rating and $97.00 price target on Crinetics (NASDAQ: CRNX).

The analyst commented: "Into PALSONIFY's (paltusotine) PDUFA on September 25th, we hosted a leading endocrinologist who specializes in pituitary tumors at a major referral center treating ~a couple-hundred acromegaly patients. Accordingly, the doc highlighted substantial challenges with current injectable somatostatin analogs, where he estimates <50% realworld compliance. Accordingly, our KOL is very enthusiastic about PALSONIFY, reflecting that Ph3 PATHFNDR-1/-2 was a "remarkable success" to support PoS for a broad acromegaly approval. In fact, he plans to offer PALSONIFY immediately to almost all patients (except ~5-10% in need of further tumor shrinkage) and believes the simple and safe QD oral agent would eventually become the cornerstone of acromegaly treatment. Separately, he was impressed with atumelnant's Ph1b/2a Cushing's data and is positive on this opportunity. Overall, we remain bullish on CRNX as one of our top 2H25 picks and believe there is upside into PALSONIFY approval/launch and a catalyst-rich next 18+ months."

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 $31.11 yesterday.

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