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Investing.com - Piper Sandler maintained its Overweight rating and $97.00 price target on Crinetics Pharmaceuticals (NASDAQ:CRNX) following the recent approval of its acromegaly treatment PALSONIFY. According to InvestingPro data, analysts’ targets range from $40 to $143, with the stock currently trading at $42.12.
The research firm noted that Crinetics shares have gained approximately 20% over the past month after PALSONIFY received approval for acromegaly with what it described as a clean, broad label and thoughtful pricing strategy. This aligns with InvestingPro data showing strong returns over both one and three months, with the stock up 66% over the past six months.
Piper Sandler’s analysis suggests expectations heading into the commercial launch are reasonable, with the U.S. acromegaly total addressable market estimated at approximately 36,000 patients, including an initial addressable market of about 11,500 patients.
The firm’s channel checks indicate that key opinion leaders see significant utility for PALSONIFY and expect it could eventually be used in more than 70% of patients with the condition.
Piper Sandler also highlighted that the market may not fully appreciate Crinetics’ commercial infrastructure, which includes the CrinetiCARE program, simplified start form paperwork, and active advocacy support for patients.
In other recent news, Crinetics Pharmaceuticals has seen a series of positive developments following the FDA approval of its acromegaly treatment, Palsonify. Oppenheimer has raised its price target for Crinetics to $87 from $73, maintaining an Outperform rating, attributing the revision to the approval of Palsonify. Similarly, Stifel increased its price target to $75 from $58, noting the drug’s annual price of $290,000 exceeded market expectations. Piper Sandler reaffirmed an Overweight rating with a $97 price target, highlighting the drug’s potential as a "gamechanger" according to a UK endocrinologist. Leerink Partners also raised its target to $88 from $80, citing the drug’s potential to reshape the acromegaly market with its broad label. Morgan Stanley adjusted its price target to $77 from $65, emphasizing the drug’s higher-than-expected list price and broad label. These recent developments underscore the positive reception of Palsonify in the market.
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