BUZZ-Crinetics gains after TD Cowen starts with 'buy' on optimism for lead drugs

Shares of hormonal disease-focused drug developer Crinetics CRNX.O rise 1.6% to $37.1 in premarket after TD Cowen starts coverage with a "buy" rating

TD Cowen forecasts sales of $4 billion for co's experimental lead drugs by 2035

Brokerage says market potential of co's once-daily pill paltusotine could be substantial, given similar drugs from Novartis NOVN.S and Ipsen IPN.PA collectively brought in $2.5 billion of sales in 2023

Co is testing paltusotine to treat acromegaly, a condition in which excess growth hormone is produced, as well as carcinoid syndrome that causes symptoms from rare tumors

CRNX is testing another drug, atumelnant, for a rare genetic disorder called congenital adrenal hyperplasia (CAH) and Cushing's syndrome, a hormonal disorder

"The company's success partly relies on its ability to obtain and maintain patent protection in the US and other countries for its product candidates," brokerage says

Stock rose 44% in 2024