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Investing.com - JMP Securities has raised its price target on Crinetics Pharmaceuticals (NASDAQ:CRNX) to $143 from $86 while maintaining a Market Outperform rating following the approval of the company’s drug Palsonify. Currently trading at $35.89, the stock has shown strong momentum with analyst targets ranging from $35 to $97. According to InvestingPro data, CRNX has demonstrated robust returns over multiple timeframes.
The approval of Palsonify, an oral SST2 agonist for acromegalic adults who had inadequate response to surgery or for whom surgery is not an option, came with a clean, broad label with no safety surprises. JMP notes the label highlights rapidity of response within 2-4 weeks and improvement in symptom severity. With a market capitalization of $3.38 billion, CRNX maintains a "FAIR" overall financial health score according to InvestingPro analysis.
Crinetics has priced Palsonify at $290,000 annually, significantly higher than JMP’s projected $125,000, leading the firm to increase its 2026 revenue estimate from $43 million to approximately $100 million. The firm expects modest fourth-quarter sales of $4 million. Analysts anticipate significant sales growth, with revenue forecast to grow over 400% in the current fiscal year. Get deeper insights into CRNX’s growth potential with InvestingPro’s comprehensive financial analysis and additional ProTips.
JMP’s peak U.S. sales estimate for Palsonify in acromegaly has increased to over $1 billion from approximately $530 million, while its peak estimate for the drug in carcinoid syndrome has risen to approximately $2.3 billion from $1.3 billion.
Crinetics ended the second quarter of 2025 with $1.2 billion in cash, which JMP believes provides sufficient runway into 2029 for the company to ramp up Palsonify sales and potentially launch the drug for carcinoid syndrome, as well as atumelnant for CAH and Cushing’s. The company maintains strong liquidity with a current ratio of 17.8, and its cash position exceeds total debt, demonstrating robust financial flexibility for future growth initiatives.
In other recent news, Crinetics Pharmaceuticals announced that the U.S. Food and Drug Administration has approved PALSONIFY, a once-daily oral treatment for acromegaly, marking a significant advancement in treatment options for the condition. Additionally, the FDA has granted Orphan Drug Designation to Crinetics’ atumelnant for the treatment of classic congenital adrenal hyperplasia, highlighting the company’s ongoing efforts in developing specialized medications. Cantor Fitzgerald has reiterated an Overweight rating on Crinetics stock with a price target of $90, citing the company’s promising pipeline and potential for further progress. In contrast, Citizens JMP has adjusted its price target for Crinetics to $86, maintaining a Market Outperform rating but expressing expectations for a modest initial launch of PALSONIFY. Meanwhile, Stifel has lowered its price target to $58 while keeping a Buy rating, emphasizing Crinetics’ strong position in the rare endocrinology market and its readiness for commercialization. These developments reflect Crinetics’ strategic movements in advancing its product offerings and securing regulatory support for its innovative treatments.
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