Jefferies analyst Dennis Ding upgraded Crinetics (CRNX) to Buy from Hold with an unchanged price target of $55. The firm cites the pullback in the shares on investor concerns around the final Phase II congenital adrenal hyperplasia data for the upgrade. The stock currently bakes in very little of Crinetics’ $1B opportunity for CAH, despite “decent data and actually discounts much progress made over the last year,” the analyst tells investors in a research note. Jefferies believes Crinetics “could still be a differentiated oral option” either pre or post Crenessity.
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