Crinetics Pharma ticks down after announcing $350 mln stock offering

Crinetics Pharmaceuticals' CRNX.O shares down 0.5% premarket to $47.94 as it seeks equity raise

San Diego, California-based CRNX late Mon announced $350 mln stock offering

Co intends to use net offering proceeds to fund commercial activities in connection with Palsonify, R&D of its product candidates, among other uses

CRNX shares jumped 24% to as high as $57.99 on Mon before closing session up 3.1% at $48.18 after co reported over $5 mln in Q4 net product revenue from recently launched Palsonify

The U.S. FDA in Sept approved the drug to treat acromegaly, a rare condition in which the pituitary gland in the brain produces excess growth hormone

Leerink, JP Morgan, Evercore, Piper Sandler and Cantor Fitzgerald joint bookrunners for the offering

CRNX has ~94.9 mln shares outstanding for approx $4.6 bln market cap

Through Mon, shares gained ~66% over the past six months

14 of 16 analysts rate the stock "strong buy" or "buy", 2 rate "hold"; median PT $80, per LSEG