H.C. Wainwright analyst Douglas Tsao reiterated a Buy rating on Crinetics Pharmaceuticals (CRNX – Research Report) today and set a price target of $81.00.
Douglas Tsao has given his Buy rating due to a combination of factors that highlight Crinetics Pharmaceuticals’ promising future. The upcoming launch of paltusotine, expected in the fourth quarter following its PDUFA date in September, is a significant milestone. This launch not only validates the company’s drug discovery and development capabilities but also showcases its readiness to enter the commercial stage. The company is well-prepared with pre-launch activities, including establishing a sales team and conducting educational initiatives, which positions it for a successful market entry.
Additionally, Crinetics is advancing its pipeline with the initiation of pivotal Phase 3 studies for atumelnant in congenital adrenal hyperplasia, expected in 2025. Despite some investor concerns about previous data, management remains confident in the drug’s potential to deliver differentiated efficacy. The company’s strategic planning and robust pipeline development, coupled with its efforts to address investor concerns, underpin the Buy rating, suggesting a strong growth trajectory for Crinetics Pharmaceuticals.
According to TipRanks, Tsao is a 4-star analyst with an average return of 9.6% and a 38.99% success rate. Tsao covers the Healthcare sector, focusing on stocks such as Xenon, Protagonist Therapeutics, and Arcutis Biotherapeutics.
In another report released today, JMP Securities also reiterated a Buy rating on the stock with a $91.00 price target.