CRNX - Crinetics Pharmaceuticals: Endocrinology Focus To Pay Off As Multi-Faceted Pipeline Makes Progress

• Shares have fallen by 15% since my 2019 recommendation. I provide a recap of the bullish thesis and recent events.
• Endocrinology is a unique field where early-stage studies can achieve substantial degree of 'derisking' in phase 1 healthy volunteer studies.
• Management & development team here have been highly productive, and pipeline is quite deep relative to current valuation.
• Lead oral drug candidate paltusotine has dual phase 3 readouts next year and will look to take on injectable competitors addressing acromegaly patients (other indications to follow).
• CRNX is a Buy for patient investors with multi-year time frame. Potential risks include competition for certain indications and disappointing pivotal data.

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