Baird starts Crinetics with Outperform on ‘undervalued asset’

Baird analyst Brian Skorney initiated coverage of Crinetics Pharmaceuticals with an Outperform rating and $48 price target. The analyst like the shares into the company’s multiple Phase 2 and 3 data readouts over the next twelve months for its lead drug candidate, paltusotine. The firm sees paltusotine as a "materially undervalued asset" that could become the new standard of care in acromegaly and carcinoid syndrome. Crinetics also has a broad pipeline of early stage assets to complement the lead, the analyst tells investors in a research note.