Crinetics Pharmaceuticals shares surge 65%, analysts raise price target after acromegaly treatment results

Shares of Crinetics Pharmaceuticals Inc.
CRNX,
+67.37%
gained 65% premarket on Monday after the company announced positive results from a late-stage study of paltusotine, its investigational treatment for acromegaly. The phase 3 trial met the primary endpoint and all secondary endpoints and no serious or severe adverse events were reported in patients receiving paltusotine for acromegaly, a rare disease that occurs when the body produces too much growth hormone. Oppenheimer analysts on Monday raised their price target on the stock to $46, from $40 previously, saying they see the trial results extending the company’s “high-quality approach to endocrine drug discovery and development to late-stage clinical evaluation.” Crinetics shares have dropped 12.7% in the year to date, while the S&P 500
SPX,
+0.64%
has gained 16.1%.