Crinetics price target raised to $143 from $86 at Citizens JMP

Citizens JMP analyst Jonathan Wolleben raised the firm’s price target on Crinetics (CRNX) to $143 from $86 and keeps an Outperform rating on the shares. The firm says Palsonify is now approved to treat acromegaly with a “clean label.” A leading endocrinologist expects the only once daily oral option to “corner the market” as a “once in a lifetime drug,” the analyst tells investors in a research note. The firm says the rare disease opportunity has blockbuster potential at Palsonify’s pricing with the 11,500 actively managed U.S. patients represents over a $3B total addressable market.