Crinetics CAH data ‘okay,’ but expectations were high, says Jefferies

After Crinetics (CRNX) Pharmaceuticals announced topline results from an open-label, Phase 2 study of atumelnant, a once-daily oral adrenocorticotropic hormone receptor antagonist candidate being developed for the treatment of classic congenital adrenal hyperplasia and ACTH-dependent Cushing’s syndrome, Jefferies analyst Dennis Ding noted a “nice dose response” on A4 reductions, but also pointed out that efficacy waned from 90%-plus at the interim ENDO update and to a 70%-80% range for the 80-120mg doses. Expectations were high, adds that firm, which is “not surprised” by the pullback in the shares despite what it views as positive fundamental progress. Jefferies has a Hold rating and $55 price target on Crinetics shares, which are down $7.04, or 15%, to $41.46 in afternoon trading.