|Over a week ago|
Crinetics price target raised to $38 from $28 at Cantor Fitzgerald » 07:0805/1105/11/20
Cantor Fitzgerald analyst…
Cantor Fitzgerald analyst Charles Duncan raised the firm's price target on Crinetics to $38 from $28 and keeps an Overweight rating on the shares following updates on the pipeline provided in the 1Q20 press release. Duncan says the company has discontinued development of CRN01941 in order to focus resources on paltusotine for both acromegaly and neuroendocrine tumors, which risk-reduces the NETs program. The use of paltusotine in NETs will accumulate safety data that may be used for a potential NDA filing, which should mitigate that as a possible gating factor, Duncan adds.
Piper Sandler continues to recommend Crinetics after paltusotine data » 14:1105/0805/08/20
Piper Sandler analyst…
Piper Sandler analyst Tyler Van Buren reiterated an Overweight rating and $40 price target on Crinetics after the company's lead oral candidate paltusotine demonstrated the ability to maintain IGF-1 levels in biochemically uncontrolled acromegaly patients previously on injectable somatostatin analogs. Van Buren said he believes these results should translate to "solid efficacy" in the broader patient population, and the full data in the fourth quarter from over 50 patients should be validating. The analyst added that he continues to recommend the shares.
Crinetics discontinues development of CRN01941 to focus on paltusotine » 09:0505/0805/08/20
In April 2020, Crinetics…
In April 2020, Crinetics also provided an update on its other development programs, including an announcement that Phase 1 data for CRN01941 in healthy volunteers showed that the compound did not represent an improvement over paltusotine. Therefore, the company has discontinued development of CRN01941 in order to focus resources on paltusotine for both acromegaly and NETs. Crinetics believes that the acceleration and increased efficiency offered by focusing on paltusotine provides the best path forward for its SST2 franchise. Additionally, first-in-human enabling activities are ongoing for both the oral nonpeptide ACTH antagonist for the treatment of Cushing's disease and congenital adrenal hyperplasia, and the oral nonpeptide SST5 agonist for the treatment of hyperinsulinism. The start of Phase 1 clinical trials for these programs is planned for late 2020 or early 2021 and, if successful, the company anticipates PK/PD data from these human proof-of-concept studies in the first half of 2021.
Crinetics discontinues new enrollment in ACROBAT Evolve trial » 09:0405/0805/08/20
In April 2020, Crinetics…
In April 2020, Crinetics reported interim results from its ongoing ACROBAT Edge Phase 2 trial. Results as of the February 23, 2020 data cutoff showed that acromegaly patients switching from injectable depot therapy to once daily oral paltusotine maintained IGF-1 levels previously achieved with commercially available depot injections of somatostatin receptor ligands. Interim results from an exploratory analysis of the first 13 patients who entered the Edge trial on octreotide or lanreotide depot monotherapy showed that patient IGF-1 levels were maintained after switching to once daily oral paltusotine when compared to IGF-1 levels achieved with prior depot therapy [mean change from baseline = -0.015 x ULN. Ten of the 11 patients in group 1 who completed paltusotine treatment maintained IGF-1 levels within 15% of their respective baseline levels at week 13. No patient required "rescue therapy" with prior injected peptide acromegaly therapy after switching to paltusotine. As a result of these data, new enrollment in the ACROBAT Evolve trial has been discontinued. The patients already enrolled in both the Edge and Evolve Phase 2 trials will continue in the studies and topline data is expected to be reported in the fourth quarter.
Crinetics reports Q1 EPS (71c), consensus (63c) » 09:0305/0805/08/20
"So far, 2020 has…
"So far, 2020 has proven to be a transformational time for Crinetics, highlighted by the positive interim Phase 2 results for paltusotine, our lead product candidate for the treatment of acromegaly," said Scott Struthers, Ph.D., Founder and Chief Executive Officer of Crinetics. "The interim data we reported showed that acromegaly patients switching from injectable depot therapy to once daily oral paltusotine maintained IGF-1 levels previously achieved with commercially available depot injections of somatostatin receptor ligands. We plan to report topline data from our ongoing Phase 2 trials in the fourth quarter of 2020 and advance paltusotine into Phase 3 development for patients with acromegaly in the first half of 2021 following conversations with regulatory agencies. Additionally, our successful follow-on offering in April strengthened our balance sheet and provided us with sufficient resources to advance our pipeline through key milestones, including our planned Phase 3 trial in acromegaly, a Phase 2 trial of paltusotine in carcinoid syndrome associated with neuroendocrine tumors, as well as Phase 1 trials to demonstrate proof-of-concept and PK/PD with our ACTH antagonist and SST5 agonist programs."
|Over a month ago|
Crinetics holder Perceptive Advisors buys almost $15M in company shares » 13:1804/2104/21/20
Crinetics holder Perceptive Advisors disclosed in a regulatory filing that it had purchased 1,071,428 shares of company stock at an average price of $14.00 per share on April 17. The total transaction value of the purchase was $14,999,992.
Crinetics 7.15M share Spot Secondary priced at $14.00 » 06:1904/1504/15/20
The deal range was…
The deal range was $13.75-$14.00. SVB Leerink, Piper Sandler and Cantor Fitzgerald acted as joint book running managers for the offering.
Crinetics files to sell common stock, no amount given » 16:5204/1404/14/20
Joint bookrunning managers include SVB Leerink, Piper Sandler, and Cantor.
Crinetics announces common stock offering, no amount given » 16:1604/1404/14/20
Crinetics Pharmaceuticals announced that it intends to offer and sell, subject to market and other conditions, shares of its common stock in an underwritten public offering. Crinetics intends to use the net proceeds from the proposed offering to fund the development of paltusotine and its other research and development programs, and for working capital and general corporate purposes. SVB Leerink, Piper Sandler and Cantor are acting as joint bookrunning managers for the offering.
Crinetics shares 'should be up meaningfully,' says Piper Sandler » 14:5704/0704/07/20
Piper Sandler analyst…
Piper Sandler analyst Tyler Van Buren reiterated an Overweight rating and $40 price target on Crinetics after the company provided an update on its Acrobat Edge study. Van Buren noted that the company said the results should translate to the full patient population, which is why he agrees with the company that it makes sense to move directly into Phase III. The analyst said that while management is "too modest to say it," he believes paltusotine is likely to deliver superior efficacy relative to the other oral programs he's seen to date. Van Buren also said he continues to believe that acromegaly represents a more than $1B addressable market, with NETs potentially being several-fold higher. The analyst added that the bottom line is that Crinetics shares should be up meaningfully given the de-risking that has occurred with this first-in-patient data.