CRNX - Crinetics stock gains on hyperinsulinism candidate's trial data; JMP raises PT

Crinetics Pharmaceuticals (NASDAQ:CRNX) stock climbed 12% on positive data from the early trial of hyperinsulinism candidate CRN04777. JMP Securities raised CRNX price target to $45 from $43 and reiterated its Market Outperform rating. Analyst Jonathan Wolleben said Phase 1 data showed "clean safety and impressive dose-dependent reductions in insulin secretion in a challenge model that replicates severe CHI with the highest dose tested, essentially eliminating the need for IV glucose". Phase 2 testing in congenital hyperinsulinism patients is expected in H2. "We think the CRN04894 data in Q2 could be just as compelling... paltusotine will have critical pivotal data next year for acromegaly, which we model as a >$600M opportunity to CRNX, which could prove conservative," Wolleben wrote in a note to clients. "We continue to recommend CRNX with multiple readouts over the next 2 years and a robust balance sheet of $334M in cash as of 2021 providing sufficient runway well into 2024," he added.

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Crinetics stock gains on hyperinsulinism candidate's trial data; JMP raises PT