Crinetics Pharma falls on planned $400 mln stock offering

Crinetics Pharmaceuticals

08/10/2024 21:28

** Shares of Crinetics Pharmaceuticals Inc  CRNX.O  down
2.7% post-market at $50.31 as co seeks equity raise
    ** San Diego-based drug developer announces $400 mln stock
offering
    ** Co intends to use net offering proceeds to fund R&D of
clinical-stage product candidates, pre-commercialization
activities and other general purposes
    ** Leerink and Morgan Stanley jt bookrunners
    ** Co last month submitted new drug application with US FDA
for its lead candidate, paltusotine, for treatment of
acromegaly, a rare condition where the body produces too much
growth hormone
    ** CRNX shares on Tues closed down 0.1% at $51.70, up ~45%
YTD
    ** Co has ~80 mln shares outstanding for ~$4.1 bln market
cap and ~75.6 mln shares of public float, per LSEG data

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))