CRNX - Why Crinetics Pharmaceuticals Stock Soared This Week
2023-09-15 08:37:48 ET
Shares of the rare disease specialist Crinetics Pharmaceuticals (NASDAQ: CRNX) have been on fire this week. Through the first four days of trading, the biotech's stock has already gained a healthy 81.3%, according to data provided by S&P Global Market Intelligence .
What's the spark? Last Sunday, Crinetics Pharmaceuticals announced positive top-line results for the oral, once-daily acromegaly therapy known as paltusotine. Acromegaly is the result of the overproduction of growth hormone in the body, causing the enlargement of bones, soft tissues, and other organs. The condition primarily affects middle-aged adults.
The currently available therapies for acromegaly consist of injectables that can be both painful and inconvenient, given that they typically have to be administered in a doctor's office. Paltusotine is an oral therapy that can be taken in the comfort of a patient's own home, which could give it a big advantage over the present standard of care.
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Why Crinetics Pharmaceuticals Stock Soared This Week