CORRECTED-Crinetics Pharmaceuticals reports prelim Q4 net product revenue

Overview

• Pharmaceutical company's preliminary Q4 net product revenue exceeded $5 mln

• Company reports positive Phase 2 CAH study results with atumelnant

• Preliminary results subject to completion of financial closing procedures

Outlook

• Company did not provide specific financial guidance for future quarters

Result Drivers

• PALSONIFY LAUNCH - Strong U.S. launch execution led to over $5 mln in preliminary Q4 net product revenue, with >200 enrollment forms and broad prescriber base

• ATUMELNANT RESULTS - Phase 2 CAH study showed 67% reduction in androstenedione levels and 88% of participants reduced glucocorticoid doses

• FAVORABLE SAFETY PROFILE - Atumelnant was well-tolerated with no serious adverse events in Phase 2 CAH study

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 14 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Crinetics Pharmaceuticals Inc is $83.00, about 77.6% above its January 2 closing price of $46.73

Press Release: ID:nGNXbLX7BD

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