LifeSci Capital analyst Cory Jubinville, PhD has maintained their bullish stance on CRNX stock, giving a Buy rating today.
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Cory Jubinville, PhD’s rating is based on several promising developments at Crinetics Pharmaceuticals. The company has successfully launched Palsonify, a treatment for acromegaly, with strong initial uptake. The rapid initiation of treatment, with the first patient receiving the drug just 11 days post-approval, and the salesforce’s effective reach to 95% of top healthcare providers, indicate a robust market entry.
Moreover, the reimbursement landscape appears favorable, with approximately 50% of filled prescriptions being covered by payors despite the high annual cost. The early prescription data is encouraging, showing significant patient transitions from injectables to Palsonify. Additionally, Crinetics has identified a substantial potential market expansion, with thousands of patients who have discontinued therapy or remain undiagnosed. The company’s solid financial position, with $1.1 billion on the balance sheet projected to fund operations until 2029, further supports the Buy rating.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $81.00 price target.