Crinetics price target lowered to $73 from $74 at Oppenheimer

Oppenheimer analyst Leland Gershell lowered the firm’s price target on Crinetics to $73 from $74 and keeps an Outperform rating on the shares. As Crinetics readies paltusotine’s acromegaly NDA for submission in the second half, registrational development in carcinoid is slated to begin before year-end pending FDA alignment on trial design, the analyst tells investors in a research note. The quarterly update included the announcement of two new development candidates, an oral PTH receptor antagonist for hyperparathyroidism and an SST3 agonist for polycystic kidney disease, of which the latter may be partnered as the company retains its endocrine focus, the firm says.