Crinetics price target lowered to $84 from $87 at Oppenheimer

Oppenheimer lowered the firm’s price target on Crinetics (CRNX) to $84 from $87 and keeps an Outperform rating on the shares following quarterly results. Phase 3 trial in carcinoid syndrome continues its enrollment, and atumelnant is moving along in its respective pivotal and Phase 2 trials in adult and pediatric CAH with a Phase 2/3 to soon begin in ACTH-dependent Cushing syndrome. Oppenheimer has its eye on CRN09682’s initial clinical reveal in neuroendocrine tumors, which the firm believes will come toward year-end. Current levels may reflect a relative paucity of upcoming catalysts, but Oppenheimer thinks today’s buyers will be rewarded as Crinetics’ growing endocrine portfolio marks commercial and clinical success.