Crinetics Pharma slips after pricing upsized stock offering

Crinetics Pharmaceuticals

09/10/2024 13:07

** Crinetics Pharmaceuticals Inc's  CRNX.O  shares off 2.8%
at $50.25 premarket after overnight follow-on reaps more equity
than targeted
    ** San Diego-based firm late Tues sold 10 mln shares at $50
for $500 mln gross proceeds
    ** Offering size boosted from $400 mln, prices at 3.3%
discount to last sale
    ** Leerink,, Morgan Stanley, Piper Sandler and Cantor jt
bookrunners
    ** Co intends to use net offering proceeds to fund R&D of
clinical-stage product candidates, pre-commercialization
activities and for other purposes
    ** With ~80 mln shares outstanding, co has ~$4.1 bln market
cap
    ** Last month, CRNX submitted new drug application with US
FDA for lead candidate, paltusotine, for treatment of
acromegaly, a rare condition where the body produces too much
growth hormone
    ** Through Tues, CRNX's shares up ~45% YTD. Stock closed at
$26.80 a year ago

 (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))