Joseph Schwartz, an analyst from Leerink Partners, maintained the Buy rating on Crinetics Pharmaceuticals (CRNX – Research Report). The associated price target remains the same with $80.00.
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Joseph Schwartz’s rating is based on several promising factors that position Crinetics Pharmaceuticals for potential growth. Despite recent setbacks from safety concerns in Phase 2 trials of atumelnant for congenital adrenal hyperplasia, Schwartz sees this as a temporary dip, offering a strategic entry point for investors. Crinetics is poised for a significant period of advancement, particularly with the upcoming PDUFA target action date for paltusotine aimed at treating acromegaly.
Schwartz highlights the company’s robust pipeline and innovative technology, which are undervalued by the market. With a number of catalysts on the horizon, including four IND filings and significant candidate selections in 2025, there is potential for the stock to appreciate. The analyst believes the company’s enterprise value is undervalued, and the experienced management team is well-equipped to drive the company’s success towards commercialization, thereby justifying a Buy rating.
In another report released on January 21, Jefferies also upgraded the stock to a Buy with a $55.00 price target.