JPMorgan Upgrades Crinetics (CRNX) to Overweight

June 18, 2021 2:54 AM EDT
Get Alerts CRNX Hot Sheet
Price: $17.60 --0%

Rating Summary:
    7 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 11 | New: 7
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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."

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 $19.28 yesterday.

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