Crinetics Pharma climbs after $350 mln stock sale

Shares of Crinetics Pharmaceuticals CRNX.O up 2.3% premarket to $47 after $350 mln follow-on priced

San Diego, California-based firm late Tues sold 7.62 mln shares at $45.95

CRNX shares closed down 4.6% at $45.95 on Tues after co announced offering to fund commercial activities in connection with Palsonify, R&D of its product candidates, among other uses

Co early Mon reported over $5 mln in Q4 net product revenue from recently launched Palsonify, its U.S. FDA-approved drug to treat acromegaly

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

Through Tues, shares up ~56% over the past six months. They lost 9% in 2025

14 of 16 analysts rate shares "strong buy" or "buy", 2 rate "hold"; median PT of $80 implies ~74% upside to last close, per LSEG data