Crinetics Pharma climbs after $350 mln stock sale

Crinetics Pharmaceuticals

07/01/2026 11:31

** 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

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))