H.C. Wainwright analyst Douglas Tsao has maintained their bullish stance on CRNX stock, giving a Buy rating on July 17.
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Douglas Tsao has given his Buy rating due to a combination of factors that highlight the potential of Crinetics Pharmaceuticals’ product, Palsonify, in the treatment of acromegaly. The feedback from endocrinologists at the ENDO conference was notably positive, with experts expressing enthusiasm about Palsonify’s efficacy, durability, and convenient once-daily dosing. This positions Palsonify as a potential new standard of care, offering advantages over existing treatments such as intramuscular and twice-daily oral somatostatin receptor ligands.
Additionally, recent open-label extension data from the PATHFNDR studies reinforced Palsonify’s profile by demonstrating durable control of key hormonal levels and symptoms in acromegaly patients over an extended period. The drug was well tolerated, with no significant issues reported, which further supports its potential for FDA approval. Furthermore, Crinetics’ pipeline includes CRN12755, a promising candidate for Graves’ disease and thyroid eye disease, which could address current treatment limitations and side effects, providing a safer and more user-friendly option for patients.
Tsao covers the Healthcare sector, focusing on stocks such as Protagonist Therapeutics, Neumora Therapeutics, Inc., and Praxis Precision Medicines. According to TipRanks, Tsao has an average return of 11.3% and a 43.61% success rate on recommended stocks.
In another report released on July 17, JonesTrading also reiterated a Buy rating on the stock with a $71.00 price target.