CRNX - Why Shares of Crinetics Pharmaceuticals Are Jumping Monday
2023-09-11 12:57:53 ET
Shares of Crinetics Pharmaceuticals (NASDAQ: CRNX) were up more than 67% as of 12:30 p.m. ET on Monday after the company posted positive phase 3 trial results for one of its therapies. The healthcare stock is up more than 28% for the year.
Crinetics focuses on finding and commercializing treatments for rare endocrine diseases and endocrine-related tumors. On Sunday, the company reported positive top-line data for its therapy to treat acromegaly, a disease caused by excess growth hormone from a pituitary tumor.
The biotech company said that its therapy, once-daily tablet paltusotine, met all of its primary and secondary endpoints in the trial compared to a placebo to treat acromegaly. The plus for Crinetics is that the current standard of care requires a monthly injection, so a once-daily oral therapy would be preferred by many patients.
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Why Shares of Crinetics Pharmaceuticals Are Jumping Monday