Crinetics Pharmaceuticals jumps on US FDA approval of oral pill for rare hormone disorder

Shares of drug developer Crinetics Pharmaceuticals CRNX.O rise 27.2% to $45.64

The U.S. FDA approved CRNX's drug to treat a rare hormonal disorder on Thursday, making it the first once-daily oral pill available for patients in the country

"Palsonify's approval was largely expected, and we are pleased to see a clean, broad label," Citizens Bank analysts say; brokerage expects Q4 sales of the drug to be $4 mln

"We believe this once-daily oral is poised to become standard-of-care over time for an under-treated and under-diagnosed population for whom existing options suffer meaningful efficacy, tolerability, and convenience shortcomings" - Oppenheimer

Palsonify will be priced at $290,000 per year, which is significantly greater than the consensus estimate of about $80,000, analysts say

Including session's move, stock down 12.4% YTD