Crinetics initiated with a Buy at Citi

Citi analyst David Lebowitz initiated coverage of Crinetics with a Buy rating and $68 price target. The analyst also opened a “30-day positive catalyst watch” on the shares. Crinetics shares “appear primed for upside given the positive catalyst-heavy year ahead,” the analyst tells investors in a research note. The firm says paltusotineb s success in its initial Phase 3 acromegaly study has “meaningfully derisked” the upcoming March readout from its second Phase 3 trial. Beyond the significant commercial opportunity in acromegaly. Citi believes the initial paltusotine data in carcinoid syndrome appear competitive, with a detailed update in the first half of 2024 likely to be favorable.