JPMorgan Upgrades Crinetics (CRNX) to Overweight
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JPMorgan analyst Jessica Fye upgraded Crinetics (NASDAQ: CRNX) from Overweight to Overweight with a price target of $28.00 (from $22.00).
The analyst comments "We are moving to an Overweight rating and a $28 December 2021 price target for CRNX shares on what we see as a favorable risk/reward setup heading into topline readout from the phase I SAD study of CRN04894 in mid-2021 to be followed by MAD data later this year. We are raising our probability of success (POS) for Crinetics’ ACTH antagonist CRN04894 to 30% following a review of the preclinical data. If CRNX is able to demonstrate meaningful PD effects in healthy subjects allowing us to raise the POS to 45%, for example, our PT could increase further by $5 to $33. Conversely, if we see some safety issues or no discernable effect driven by CRN04894 and reduce the POS to 0%, our PT decreases to $17. With the stock trading around ~$19, we see more upside than downside into this readout. Overall, while we acknowledge a potentially 2-year wait for phase III data on lead asset paltusotine, we see near-term upside in the stock driven by CRN04894 to the extent results demonstrate proof of mechanism in healthy volunteers."
Shares of Crinetics closed at $19.28 yesterday.
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