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Crinetics (CRNX) Stock Surges 70% in a Month: Here's Why
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Crinetics Pharmaceuticals, Inc. (CRNX - Free Report) is a clinical-stage company that is focused on creating important new therapeutic options for patients with rare endocrine diseases. The company’s lead candidate and an oral SST2 agonist, paltusotine, is currently being studied in two late-stage studies, PATHFNDR-1 and PATHFNDR-2 in the treatment of previously treated acromegaly and treatment-naive acromegaly, respectively.
Crinetics is also currently evaluating paltusotine in yet another mid-stage study for the treatment of Carcinoid syndrome.
In the past month, shares of CRNX have shot up 69.6% against the industry’s 5.9% fall.
Image Source: Zacks Investment Research
The surge in the stock price of the company was observed after Crinetics announced meeting the primary endpoint and all secondary endpoints of the phase III PATHFNDR-1 study of paltusotine, in the treatment of acromegaly.
The phase III PATHFNDR-1 study evaluated paltusotine in patients with acromegaly who were switching from current standard-of-care treatment, octreotide or lanreotide depot monotherapy.
Per the data readout, the study met its primary endpoint with statistical significance, observing that 83% of participants taking paltusotine maintained an insulin-like growth factor 1 level ≤ 1.0 times the upper limit of normal compared with those taking placebo (4%). Crinetics also reported that all secondary endpoints also met statistical significance.
Crinetics further reported that the candidate was overall well tolerated with no serious adverse events in the PATHFNDR-1 study.
Per management, results from the study showed the ability of oral paltusotine to maintain both symptom control as well as biochemical control when switching from monthly injections. The oral formulation is also an easier-to-use formulation compared with the current standard-of-care injections.
Acromegaly is a rare endocrine disease generally caused by a pituitary adenoma, which is a non-cancerous tumor in the pituitary that secretes growth hormone.
Crinetics’ second phase III study, PATHFNDR-2, is evaluating oral paltusotine in participants with acromegaly who are treatment-naïve or not currently receiving medical therapy. The PATHFNDR-2 study has completed enrollment and expects to report top-line data in the first quarter of 2024.
Subject to positive results from the PATHFNDR-2 study, the company anticipates submitting a new drug application to the FDA in 2024, seeking the regulatory approval of oral paltusotine for all acromegaly patients who require pharmacotherapy, including newly diagnosed patients and those switching from other therapies.
CRNX’s phase II study evaluating paltusotine in patients with carcinoid syndrome is also currently ongoing and expects to report preliminary results later this year.
Besides paltusotine, Crinetics has another clinical-stage candidate in its pipeline, CRN04894. The company is currently conducting clinical studies of CRN04894 in Cushing’s disease and congenital adrenal hyperplasia. Top-line data from both studies are expected in 2024.
Crinetics Pharmaceuticals, Inc. Price and Consensus
In the past 30 days, the Zacks Consensus Estimate for Dynavax’s 2023 loss per share has narrowed from 24 cents to 23 cents. The estimate for Dynavax’s 2024 earnings per share is currently pegged at 3 cents. In the past month, shares of DVAX have lost 0.6%.
DVAX’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 25.78%.
In the past 30 days, the Zacks Consensus Estimate for Corcept’s 2023 earnings per share has remained constant at 78 cents. The estimate for Corcept’s 2024 earnings per share has also remained constant at 83 cents. In the past month, shares of CORT have lost 1.4%.
CORT’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 6.99%.
In the past 30 days, the Zacks Consensus Estimate for Better Therapeutics’ 2023 loss per share has remained constant at 98 cents. During the same period, Better Therapeutics’ 2024 loss per share has also remained constant at 80 cents. In the past month, shares of BTTX have lost 44.9%.
BTTX’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 24.22%.
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Crinetics (CRNX) Stock Surges 70% in a Month: Here's Why
Crinetics Pharmaceuticals, Inc. (CRNX - Free Report) is a clinical-stage company that is focused on creating important new therapeutic options for patients with rare endocrine diseases. The company’s lead candidate and an oral SST2 agonist, paltusotine, is currently being studied in two late-stage studies, PATHFNDR-1 and PATHFNDR-2 in the treatment of previously treated acromegaly and treatment-naive acromegaly, respectively.
Crinetics is also currently evaluating paltusotine in yet another mid-stage study for the treatment of Carcinoid syndrome.
In the past month, shares of CRNX have shot up 69.6% against the industry’s 5.9% fall.
Image Source: Zacks Investment Research
The surge in the stock price of the company was observed after Crinetics announced meeting the primary endpoint and all secondary endpoints of the phase III PATHFNDR-1 study of paltusotine, in the treatment of acromegaly.
The phase III PATHFNDR-1 study evaluated paltusotine in patients with acromegaly who were switching from current standard-of-care treatment, octreotide or lanreotide depot monotherapy.
Per the data readout, the study met its primary endpoint with statistical significance, observing that 83% of participants taking paltusotine maintained an insulin-like growth factor 1 level ≤ 1.0 times the upper limit of normal compared with those taking placebo (4%). Crinetics also reported that all secondary endpoints also met statistical significance.
Crinetics further reported that the candidate was overall well tolerated with no serious adverse events in the PATHFNDR-1 study.
Per management, results from the study showed the ability of oral paltusotine to maintain both symptom control as well as biochemical control when switching from monthly injections. The oral formulation is also an easier-to-use formulation compared with the current standard-of-care injections.
Acromegaly is a rare endocrine disease generally caused by a pituitary adenoma, which is a non-cancerous tumor in the pituitary that secretes growth hormone.
Crinetics’ second phase III study, PATHFNDR-2, is evaluating oral paltusotine in participants with acromegaly who are treatment-naïve or not currently receiving medical therapy. The PATHFNDR-2 study has completed enrollment and expects to report top-line data in the first quarter of 2024.
Subject to positive results from the PATHFNDR-2 study, the company anticipates submitting a new drug application to the FDA in 2024, seeking the regulatory approval of oral paltusotine for all acromegaly patients who require pharmacotherapy, including newly diagnosed patients and those switching from other therapies.
CRNX’s phase II study evaluating paltusotine in patients with carcinoid syndrome is also currently ongoing and expects to report preliminary results later this year.
Besides paltusotine, Crinetics has another clinical-stage candidate in its pipeline, CRN04894. The company is currently conducting clinical studies of CRN04894 in Cushing’s disease and congenital adrenal hyperplasia. Top-line data from both studies are expected in 2024.
Crinetics Pharmaceuticals, Inc. Price and Consensus
Crinetics Pharmaceuticals, Inc. price-consensus-chart | Crinetics Pharmaceuticals, Inc. Quote
Zacks Rank and Stocks to Consider
Crinetics currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the overall medical sector are Dynavax Technologies (DVAX - Free Report) , Corcept Therapeutics (CORT - Free Report) and Better Therapeutics (BTTX - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 30 days, the Zacks Consensus Estimate for Dynavax’s 2023 loss per share has narrowed from 24 cents to 23 cents. The estimate for Dynavax’s 2024 earnings per share is currently pegged at 3 cents. In the past month, shares of DVAX have lost 0.6%.
DVAX’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 25.78%.
In the past 30 days, the Zacks Consensus Estimate for Corcept’s 2023 earnings per share has remained constant at 78 cents. The estimate for Corcept’s 2024 earnings per share has also remained constant at 83 cents. In the past month, shares of CORT have lost 1.4%.
CORT’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 6.99%.
In the past 30 days, the Zacks Consensus Estimate for Better Therapeutics’ 2023 loss per share has remained constant at 98 cents. During the same period, Better Therapeutics’ 2024 loss per share has also remained constant at 80 cents. In the past month, shares of BTTX have lost 44.9%.
BTTX’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 24.22%.