H.C. Wainwright analyst Douglas Tsao has reiterated their bullish stance on CRNX stock, giving a Buy rating on May 27.
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Douglas Tsao has given his Buy rating due to a combination of factors that highlight Crinetics Pharmaceuticals’ potential in the biopharmaceutical sector. One of the primary reasons is the promising data from their drug, paltusotine, which has shown significant efficacy in treating surgically naïve patients with acromegaly. The data indicates that paltusotine can achieve rapid and sustained IGF-1 control, outperforming placebo results, which suggests a strong therapeutic potential in a niche market with limited competition.
Additionally, the company’s strategic positioning in the pre-launch phase and its focus on the commercial landscape for acromegaly treatments further support the Buy rating. Crinetics is also advancing its pipeline with promising candidates like atumelnant for Congenital Adrenal Hyperplasia and a new oncology candidate, CRN09682, which showcases its robust capabilities in drug discovery and development. These factors collectively underscore the company’s growth potential and justify the positive outlook reflected in the Buy rating.
In another report released on May 27, Stifel Nicolaus also maintained a Buy rating on the stock with a $60.00 price target.