Overview of Crinetics Pharmaceuticals#
Citizens has raised its price target for Crinetics Pharmaceuticals (NASDAQ:CRNX) from $96 to $97, while keeping a Market Outperform rating. Crinetics, a biotech company valued at $4.04 billion, is receiving strong support from analysts, with a consensus rating of Strong Buy. Recently, seven analysts have revised their earnings forecasts upwards.
Approval of Palsonify in the EU#
A key factor in this price target increase is the approval of Palsonify, a medication for adult patients with acromegaly, across the European Union. This drug is notable for being the only once-daily oral therapy available for this condition, which is characterized by excessive growth hormone. Crinetics plans to launch Palsonify initially in Germany and Austria, aiming to attract both current patients and those looking for alternatives to injectable treatments.
Market Potential and Sales Estimates#
Citizens estimates that there are about 49,000 acromegaly patients in the EU, significantly expanding the potential market for Palsonify. The firm projects peak sales of approximately $900 million, with about $560 million expected from the U.S. and $320 million from the EU. Crinetics has seen a remarkable revenue increase of 641% over the past year, indicating strong early commercial success.
Recent Financial Results and Leadership Changes#
In its latest financial report for the fourth quarter of 2025, Crinetics exceeded market expectations with an earnings per share (EPS) of -$1.29, better than the forecast of -$1.34. The company also reported revenue of $6.1 million, surpassing the anticipated $4 million. Additionally, Crinetics has submitted a Marketing Authorization Application for Palsonify in Brazil, backed by data from 18 clinical trials. In a leadership update, Crinetics announced that Jeff Knight, the Chief Development and Operating Officer, will resign on April 10, 2026, to pursue another opportunity, with no disagreements reported regarding his departure.