Crinetics price target raised to $74 from $55 at Oppenheimer

Oppenheimer analyst Leland Gershell raised the firm’s price target on Crinetics to $74 from $55 and keeps an Outperform rating on the shares. Monday’s data reveals in patients with congenital adrenal hyperplasia and in those with ACTH-dependent Cushing’s syndrome provide incrementally impressive detail following the late-breaker abstracts and underscore this once-daily oral candidate’s therapeutic prospects. The firm anticipates a more complete picture as additional cohort results materialize later this year. A Phase 3 in CAH could begin in the first half of 2025. Oppenheimer comes away from the meeting with every reason to view atumelnant, uniquely an ACTH receptor blocker, as leading the industry’s development for both conditions and as further distinguishing Crinetics’s prowess in small-molecule drug design for endocrine GPCR targets.