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Investing.com - JMP Securities has reiterated its Market Outperform rating and $90.00 price target on Crinetics Pharmaceuticals (NASDAQ:CRNX), currently trading at $28.43, ahead of upcoming Phase 2 data presentation for its congenital adrenal hyperplasia (CAH) treatment. The target aligns with the broader analyst consensus, which ranges from $53 to $97, according to InvestingPro data.
Analyst Jonathan Wolleben maintained his bullish stance as the company prepares to present Phase 2 TouCAHn trial results for atumelnant during an oral session scheduled for Saturday, July 12. Previously released data showed the once-daily oral ACTH antagonist produced rapid and sustained reductions of key biomarkers over 12 weeks. While the company maintains strong liquidity with more cash than debt and a healthy current ratio of 22.5, InvestingPro analysis indicates overall weak financial health metrics that investors should monitor.
The drug demonstrated greater reductions in androstenedione (A4) compared to Neurocrine’s (NASDAQ:NBIX) approved drug Crenessity, which could potentially translate to greater glucocorticoid reductions—the regulatory endpoint for approval. Crinetics will also present two posters detailing reductions in adrenal volume and 11-oxygenated androgens observed in the Phase 2 trial.
Crinetics is launching its Phase 3 CALM-CAH study of atumelnant for CAH in the first half of 2025. The double-blind trial will enroll approximately 105 adult patients randomized to either 80 mg atumelnant or placebo for 32 weeks, including diverse patient populations with varying A4 and glucocorticoid profiles.
The company also plans to initiate a Phase 2/3 pediatric study of atumelnant in CAH and a Phase 2/3 trial in ACTH-dependent Cushing’s syndrome in the second half of 2025, while advancing its preclinical pipeline including CRN12755 for Graves’ disease and CRN10329 for polycystic kidney disease. For a deeper understanding of Crinetics’ financial position and growth prospects, including 10 key ProTips and comprehensive valuation metrics, check out the detailed Pro Research Report available on InvestingPro.
In other recent news, Crinetics Pharmaceuticals reported a significant decline in revenue for Q1 2025, with earnings dropping to $400,000 from $600,000 in the same quarter of the previous year. Despite this decrease, the company is optimistic about the upcoming commercial launch of paltusotine, an oral treatment for acromegaly, scheduled for September 2025. The company has seen increased research and development expenses, which rose by 43% year-over-year, reflecting its strategic focus on innovation and market expansion. Analysts at H.C. Wainwright have maintained a Buy rating and an $81 price target for Crinetics, citing the company’s strengths in drug discovery and its promising clinical development pipeline. The firm highlighted the potential of Crinetics’ drug paltusotine for treating acromegaly, as well as ongoing studies of atumelnant for Congenital Adrenal Hyperplasia (CAH). Crinetics is also preparing for a Phase 3 trial of atumelnant, which aims to redefine treatment standards for CAH. The company’s strong cash reserves, amounting to $1.3 billion, are expected to support operations until 2029, ensuring continued investment in its pipeline. Crinetics’ strategic initiatives and anticipated product launches are central to its efforts to strengthen its competitive position in the pharmaceutical market.
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