TD Cowen analyst Tyler Van Buren has maintained their bullish stance on CRNX stock, giving a Buy rating on August 4.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Tyler Van Buren has given his Buy rating due to a combination of factors that highlight Crinetics Pharmaceuticals’ promising outlook. One of the primary reasons is the anticipated approval of Palsonify (paltusotine) for acromegaly by its PDUFA date in September, supported by impressive Phase III trial results. The drug has shown a best-in-indication profile, which is expected to make it the preferred treatment option for acromegaly patients. The company’s management has also indicated that the FDA review process is on track, reinforcing confidence in the approval timeline.
In addition to the expected approval, Crinetics Pharmaceuticals is actively preparing for the market launch with a well-defined strategy. The company plans to deploy a team of 37 representatives and additional roles to ensure comprehensive coverage of its target prescriber base. The commercial strategy focuses on capturing market share among both treatment-naive and switch patients, while also expanding the market by reaching patients who have discontinued therapy or are suboptimally treated. Furthermore, the company’s ex-US activities, including the EMA’s validation of the MMA filing and Orphan Drug Designation in Europe, contribute to the positive outlook. These strategic initiatives and the strong clinical data underpin Tyler Van Buren’s Buy rating for Crinetics Pharmaceuticals.
In another report released on August 4, Piper Sandler also maintained a Buy rating on the stock with a $97.00 price target.