Analyst Cory Jubinville, PhD from LifeSci Capital maintained a Buy rating on Crinetics Pharmaceuticals and increased the price target to $92.00 from $82.00.
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Cory Jubinville, PhD has given his Buy rating due to a combination of factors, primarily the recent FDA approval of Crinetics Pharmaceuticals’ drug, Palsonify, for treating acromegaly. This approval is significant because it includes a broad first-line label, allowing the drug to be used in patients who are either new to therapy or transitioning from existing treatments. The broad label is crucial as it addresses a substantial number of acromegaly patients in the US who are not currently on standard-of-care injectable therapies.
Moreover, the pricing strategy for Palsonify, set at $290,000 annually, is higher than existing branded therapies, which are now generic. Despite this, the company anticipates favorable insurance coverage without requiring step edits through injectables, ensuring broad access. Additionally, the preference for an oral option like Palsonify over monthly injections could lead to better market performance. These factors, combined with Crinetics’ commitment to ensuring patient access through programs like CrineCARE, support the Buy rating and suggest a promising commercial future for the company.
In another report released today, Piper Sandler also maintained a Buy rating on the stock with a $97.00 price target.