H.C. Wainwright Reiterates Buy Rating on Crinetics (CRNX)

H.C. Wainwright analyst Douglas Tsao reiterated a Buy rating and $81.00 price target on Crinetics (NASDAQ: CRNX).

The analyst commented: "Crinetics presented new long-term follow-up data from the PATHFNDR-1 and PATHFNDR-2 OLE studies at ENDO 2026, further supporting the durability of Palsonify's efficacy and safety profile. In PATHFNDR-1, which enrolled patients previously controlled on injectable SRLs, with baseline mean IGF-1 levels at 0.91x ULN at enrollment in OLE, their IGF-1 levels remained stable up to 96 weeks at 0.81x ULN. Pituitary tumor volumes remained stable in all patients at week 48 relative to the OLE baseline. PATHFNDR-2 enrolled adults with biochemically uncontrolled acromegaly. When the patients were enrolled in the OLE, the baseline mean IGF-1 level was 1.64xULN. Their IGF-1 levels decreased from baseline to 1.06xULN at 48 weeks and continued to decline to 0.96xULN at week 72. In addition, the pituitary tumor volume was reduced by >20% in 7 of 83 patients with available MRI scans, while the remaining patients maintained a stable tumor size. The presenter explained that since most PATHFNDR-1 patients had already received long-term SRL therapy prior to enrollment, there was limited opportunity for additional tumor reduction. Most tumor shrinkage observed in PATHFNDR-2 occurred in patients receiving active treatment for the first time. In addition, most patients ultimately remained on the highest paltusotine dose (60mg/day), including 72% of PATHFDNR-1 and 80% of PATHFNDR-2 participants, while only a minority required adjunctive dopamine agonist therapy (1.8% and 15.8%, respectively). Given the low rate of treatment discontinuation due to AE (2.4%), we feel better about the likelihood that patients will stay on treatment with Palsonify after starting. Following the presentation, the physician discussion focused largely on how Palsonify compares with injectable SRLs, including tumor control and long-term management, indicating clinician interest in incorporating into their practices. We reiterate our Buy and our price target of $81."

For an analyst ratings summary and ratings history on Crinetics click here. For more ratings news on Crinetics click here.

Shares of Crinetics closed at $34.47 yesterday.

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