Crinetics Pharmaceuticals (CRNX – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst on February 27. Analyst Joseph Schwartz from Leerink Partners reiterated a Buy rating on the stock and has a $80.00 price target.
Joseph Schwartz’s rating is based on several factors that highlight the potential of Crinetics Pharmaceuticals. Despite recent concerns over safety data from a Phase 2 trial for atumelnant in congenital adrenal hyperplasia, Schwartz sees promise in the company’s transition towards commercialization and its robust pipeline of clinical and preclinical programs. The early clinical data, often overlooked, have historically reduced risks for Crinetics’ programs, providing a solid foundation for future success.
Additionally, the acceptance of the NDA for paltusotine by the FDA, with a PDUFA target action date set for September 25, 2025, is a significant milestone. Although the market opportunity for acromegaly is considered modest, Crinetics is committed to establishing paltusotine as the standard of care. The company’s strategic focus on shifting healthcare professionals’ and patients’ perceptions, enhancing efficacy communication, and engaging with US payers underscores its dedication to achieving a successful launch and broader market adoption.
In another report released on February 28, Cantor Fitzgerald also maintained a Buy rating on the stock with a $100.00 price target.
CRNX’s price has also changed moderately for the past six months – from $54.470 to $33.210, which is a -39.03% drop .