H.C. Wainwright analyst Douglas Tsao has reiterated their bullish stance on CRNX stock, giving a Buy rating yesterday.
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Douglas Tsao has given his Buy rating due to a combination of factors including the promising preliminary one-year progression-free survival (PFS) data for paltusotine in treating carcinoid syndrome. The data presented by Crinetics Pharmaceuticals at the NANETS conference showed a 74% PFS rate, which aligns well with the efficacy of the approved SRL injectable, lanreotide, used in similar conditions. This comparable efficacy suggests that paltusotine could be a viable alternative for clinicians treating carcinoid syndrome.
Moreover, Crinetics’ strategic focus on developing CRN09682 to target the underlying tumor in neuroendocrine tumors (NETs) further strengthens its position in the market. The company’s decision to prioritize carcinoid syndrome as a direct path to market, rather than replicating the CLARINET study, indicates a well-thought-out approach to drug development. The potential for differentiated efficacy with CRN09682 and the encouraging PFS data for paltusotine provide confidence in the company’s growth prospects, justifying the Buy rating.
Tsao covers the Healthcare sector, focusing on stocks such as Protagonist Therapeutics, Cabaletta Bio, and Hansa Biopharma AB. According to TipRanks, Tsao has an average return of 19.5% and a 53.44% success rate on recommended stocks.
In another report released yesterday, Piper Sandler also maintained a Buy rating on the stock with a $97.00 price target.