New York, Jan 7, 2026, 11:04 EST — Regular session
- Crinetics shares rose about 16% in morning trade after recent funding and launch updates
- The company priced a $350 million common stock offering at $45.95 per share
- Investors are parsing early PALSONIFY sales traction and fresh Phase 2 atumelnant data
Shares of Crinetics Pharmaceuticals rose about 16% to $53.40 on Wednesday, after the biotech priced a $350 million stock offering and detailed early U.S. launch metrics for its newly approved acromegaly drug.
Crinetics said it generated preliminary, unaudited net product revenue of more than $5 million from PALSONIFY in the fourth quarter of 2025, with more than 200 enrollment forms and over 125 unique prescribers by the end of December. It also posted Phase 2 results for atumelnant in congenital adrenal hyperplasia (CAH), reporting a 67% mean reduction in androstenedione — an androgen hormone marker — while 88% of patients completing 12 weeks tapered glucocorticoids, or steroid replacement therapy, to near-normal doses. “I’m very proud of our team’s strong execution of Palsonify’s launch,” CEO Scott Struthers said. Crinetics
The company priced 7.62 million shares at $45.95 each, and granted underwriters an option to buy up to an additional 1.143 million shares. Crinetics said it expects gross proceeds of about $350 million and plans to use the money, alongside existing cash, to fund PALSONIFY’s rollout and research and development.
The timing matters. Crinetics is moving from a development story to a commercial one, and investors are watching whether an oral option can win share in acromegaly, a hormone disorder typically treated with surgery and long-acting injections.
The CAH update adds another moving piece. Small, early cohorts can mislead, but the company is trying to show atumelnant can control disease markers while letting patients reduce chronic steroid exposure — a big deal in a condition where overtreatment can bring long-term side effects.
On the Street, some analysts leaned into the data even as the equity raise increases supply. Oppenheimer reiterated an outperform rating and a $87 price target, and said the Phase 2 readout boosted its confidence in atumelnant’s commercial profile, while flagging competitive positioning against Neurocrine Biosciences’ CAH program branded Crenessity, according to a note summary published Tuesday. Investing.com
The broader tape helped. The SPDR S&P Biotech ETF and iShares Nasdaq Biotechnology ETF were up more than 2% in morning trade, while the S&P 500 proxy SPY was roughly flat.
But the math cuts both ways. The offering dilutes existing holders, and the revenue figure is preliminary and unaudited; the company also leaned on early launch process measures like enrollment forms and payer authorizations that do not always translate cleanly into durable prescription growth.
