Crinetics Pharmaceuticals shares surge 65%, analysts raise price target after acromegaly treatment results

Shares of Crinetics Pharmaceuticals Inc. (CRNX) gained 65% premarket on Monday after the company announced positive results from a late-stage study of paltusotine, its investigational treatment for acromegaly. The phase 3 trial met the primary endpoint and all secondary endpoints and no serious or severe adverse events were reported in patients receiving paltusotine for acromegaly, a rare disease that occurs when the body produces too much growth hormone. Oppenheimer analysts on Monday raised their price target on the stock to $46, from $40 previously, saying they see the trial results extending the company's "high-quality approach to endocrine drug discovery and development to late-stage clinical evaluation." Crinetics shares have dropped 12.7% in the year to date, while the S&P 500 has gained 16.1%.

-Eleanor Laise

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

09-11-23 0802ET

Copyright (c) 2023 Dow Jones & Company, Inc.