Initiation of Coverage: Multiple best-in-disease pipeline programs, Palsonify early launch momentum. Initiate at Buy

研报英文原文证据摘录

Initiation of Coverage: Multiple best-in-disease pipeline programs, Palsonify early launch momentum. Initiate at Buy

Global Research

2 July 2026ab

Initiation of Coverage

EquitiesCrinetics Pharmaceuticals Inc

Multiple best-in-disease pipeline programs, United States

Palsonify early launch momentum. Initiate at Buy Biotechnology

12-month rating Buy

Prior : No Rating

12m price target US$55.00

Attractive entry point ahead of several pipeline catalysts over next 12-18mo

Prior :

We initiate Crinetics (CRNX) at Buy/$55PT. We believe that YTD stock pullback (-44%

from mid-Jan) provides an attractive entry point for multiple catalysts from potentially Price (30 Jun 2026) US$37.42

best-in-disease pipeline drugs with high likelihood of success. Among the programs, we RIC: CRNX.O BBG: CRNX US

have most conviction in Ph3 atumelnant for Congenital Adrenal Hyperplasia (CAH) -

Trading data and key metrics

where we model risk-adj peak sales of $2.0bn. Across four programs, we model risk-adj

sales of $4.2bn, vs the stock is currently pricing-in $3.0bn. Over next 12-18mo, we 52-wk range US$56.43-26.85

expect favorable data read-outs from atumelnant in CAH (70% POS) and Cushing's Market cap. US$3.92b

Syndrome (60% POS), and Palsonify in carcinoid syndrome (60% POS). Shares o/s 105m (COM)

Free float 93%

Atumelnant upcoming data: Confident in more robust efficacy & clean safety Avg. daily volume ('000) 1,212

In our view, CRNX's atumelnant is well-positioned to generate category-leading late- Avg. daily value (m) US$45.2

stage clinical data and become standard-of-care in CAH (recent KOL feedback). We see Common s/h equity (12/26E) US$1.05b

CAH as an attractive commercial market where first entrant NBIX's (Buy) Crenessity is set P/BV (12/26E) 4.0x

to drive ~$750m in second year launch sales.