Evercore ISI analyst Gavin Clark-Gartner raised the firm’s price target on Crinetics to $48 from $41 and keeps an Outperform rating on the shares after the company released Phase 3 data for their lead program paltusotine in acromegaly that beat the firm’s expectations by approximately matching injectable somatostatin drug efficacy with their oral version in this trial. The firm calculates there are about 8,000 acromegaly patients on SSTs in the U.S. and forecasts about 50% paltusotine penetration at $60,000 net price, yielding about $300M in peak U.S. sales.
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