Maxwell Skor, an analyst from Morgan Stanley, has initiated a new Buy rating on Crinetics Pharmaceuticals (CRNX).
Maxwell Skor has given his Buy rating due to a combination of factors including the promising developments in Crinetics Pharmaceuticals’ pipeline. The acceptance of the NDA for paltusotine by the FDA marks a significant milestone, with preparations underway for a potential launch in 2025. This drug targets acromegaly, and the company is strategically planning its market introduction, particularly in the US and EU, with a focus on Germany.
Additionally, Crinetics is advancing its atumelnant program with positive Phase 2 results in congenital adrenal hyperplasia (CAH) and plans for pivotal studies. The management’s proposal of a novel endpoint for the Phase 3 trial, which aims to address both androgen reduction and glucocorticoid dose management, further strengthens the company’s position. These strategic initiatives, combined with a robust financial position, contribute to the positive outlook and the Overweight rating assigned by Skor.
In another report released on February 28, JMP Securities also reiterated a Buy rating on the stock with a $91.00 price target.