Crinetics (CRNX) Stock Skyrockets on FDA Approval – Full 2025 Investor Update

• Stock Surge: Crinetics Pharmaceuticals (NASDAQ: CRNX) shares jumped about 28% on Sept. 26, 2025, trading around $46 after the FDA approved its first drug, Palsonify (paltusotine) ^[1]. Trading volume spiked to ~7–10 million shares (nearly 10× the average) amid likely short-covering, as ~15% of the float was sold short prior to approval ^{[2] [3]}.
• FDA Approval: On Sept. 25, the FDA approved Palsonify – the first once-daily oral therapy for acromegaly – as a first-line treatment for adults who cannot undergo or didn’t respond to surgery ^{[4] [5]}. Crinetics is launching Palsonify in early October with a $290,000/year list price ^[6], positioning it to challenge injectable incumbents from Novartis and Ipsen.
• Company Fundamentals: Crinetics remains pre-commercial but financially solid. Q2 2025 revenue was only ~$1.0 million (licensing milestone) ^[7], with a net loss of $-1.23 per share (wider than expected due to launch prep costs) ^[8]. Cash reserves are strong at ~$1.2 billion (as of June 30, 2025), enough to fund operations into 2029 ^[9]. The balance sheet carries no debt and a high current ratio, providing a long runway for commercialization ^{[10] [11]}.
• Pipeline & R&D: Beyond acromegaly, Crinetics has a deep endocrine pipeline. Palsonify is in a pivotal Phase 3 trial for carcinoid syndrome (neuroendocrine tumors) with global enrollment ongoing ^[12]. Second lead candidate atumelnant (for congenital adrenal hyperplasia and Cushing’s) showed positive Phase 2 results and received FDA Orphan Drug Designation (Aug 2025) ^[13]; Phase 3 trials in adults and pediatric CAH are slated to begin by late 2025. The company is also advancing earlier programs (e.g. CRN-09682 for endocrine tumors) as part of its “first-in-class” small-molecule strategy ^{[14] [15]}.
• Analyst Sentiment: Wall Street is bullish on CRNX post-approval. Baird hiked its price target from $58 to $62 (Outperform) ^[16], noting Palsonify’s broad label and higher-than-expected pricing. SVB Leerink calls Palsonify “poised to challenge the Goliaths of pharma” with its broad label and attractive pricing, and projects ~$375 million in peak annual sales (U.S.+EU) ^[17]. JMP Securities went even further, raising their target to $143 (Market Outperform) ^[18]. Overall, ~8–10 analysts cover CRNX with a Buy/outperform consensus (recent average target ~$70–$71) ^[19], though at least one major bank (Goldman Sachs) remains neutral with a $40 target implying downside from current levels ^{[20] [21]}.
• Investor & Insider Activity: Institutional investors have been actively positioning ahead of the FDA decision. For example, Fidelity (FMR LLC) added ~5.1 million shares in Q1 2025 (+57% stake) ^[22], while others like Point72 trimmed holdings ^[23]. In total, 121 institutions added and 147 reduced positions in the most recent quarter ^[24], reflecting mixed sentiment pre-approval. Insiders, meanwhile, have mostly sold shares (11 insider sale transactions, 0 buys in the last 6 months) ^[25] – common for biotech executives – and some filed to sell stock post-rally (e.g. Form 144 on Sept. 26) as stock-based grants vest. Despite these sales, the successful approval has generally improved investor sentiment, evidenced by the stock’s strong breakout and heavy buying volume.

Stock Price Performance (YTD & Recent)

Crinetics stock has been volatile but trending upward in 2025, with the recent FDA catalyst propelling it sharply higher. On September 26, 2025, CRNX closed around $45–$46, up roughly +28% in a single day ^[26]. This spike followed the Palsonify approval news and likely a short squeeze, given the high short interest (~14 million shares short, ~15.5% of float) prior to the decision ^{[27] [28]}. The one-year trading range spans $24.10 – $62.53 ^[29], meaning the stock is now nearly double its 52-week low and about 26% below its 2023 high. In other words, even after the recent surge to the mid-$40s, CRNX trades mid-range of its past year’s spectrum.

Year-to-date, CRNX has delivered solid returns (especially after this week’s jump) outperforming the broader market, as investors anticipated the acromegaly drug approval. The stock’s market capitalization now sits around $4.2–$4.3 billion at the new share price ^[30]. Notably, trading volume on Sept. 26 hit ~7–10 million shares (over 900% of average volume) as traders and funds rushed to buy (or cover shorts) on the positive news ^[31]. This momentum suggests strong bullish sentiment in the wake of the FDA decision.

Performance Metrics: Even before the approval, CRNX had been in a longer-term uptrend due to optimism around its lead drug. However, it also saw swings around clinical trial readouts and broader biotech market moves. The stock’s beta is low (~0.3) ^[32], indicating less correlation with market volatility (likely because its moves hinge more on drug results/regulatory events than macro trends). With no dividend and negative earnings, traditional valuation multiples like P/E are not meaningful (forward P/E is negative given expected losses ^[33]). Instead, investors focus on pipeline potential and cash runway. Enterprise value (EV) is significantly lower than market cap given ~$1.2B in cash, implying EV around $3.0B – a metric some bulls cite as reasonable relative to the drug’s blockbuster potential.

In summary, CRNX’s stock performance as of late September 2025 is defined by FDA-driven gains and high trading interest. The approval has re-rated the stock higher, though it remains below prior peaks (which were driven by early enthusiasm and, perhaps, takeover speculation in 2024). Investors will be watching if the stock can sustain these levels as the company transitions to commercial execution.

FDA Approval of Palsonify: Transformational News

The cornerstone development for Crinetics is the FDA approval of Palsonify (paltusotine), announced on Sept. 25, 2025. This approval is a pivotal milestone for the company, marking its transition from a clinical-stage biotech to a commercial pharmaceutical firm. Palsonify is now approved as a first-line therapy for adults with acromegaly who have had inadequate results from surgery or are ineligible for surgery ^[34]. It is the first-ever once-daily oral treatment for this rare hormonal disorder in the U.S., offering a much-needed alternative to the monthly injectable drugs that have been the standard of care for decades ^{[35] [36]}.

Acromegaly Background: Acromegaly is caused by a benign tumor on the pituitary gland that triggers excess growth hormone, leading to serious health issues (enlarged organs, joint pain, metabolic problems) ^{[37] [38]}. Surgical removal of the tumor is the first-line treatment, but not all patients are cured by surgery or are viable surgical candidates ^[39]. For those patients, medications are used to suppress growth hormone. Until now, the mainstay drugs were somatostatin analog injections (e.g. octreotide – Novartis’s Sandostatin, and lanreotide – Ipsen’s Somatuline) administered monthly ^{[40] [41]}. These injectables are effective for many but come with burdensome injection schedules and often imperfect symptom control (patients can experience “breakthrough” symptoms before the monthly dose). Oral options were limited – the only other oral therapy is Chiesi’s Mycapssa (octreotide capsules), but it’s a twice-daily maintenance therapy indicated only for patients already stabilized on injections ^[42]. Crinetics’ Palsonify is thus a game-changer: a convenient daily pill that can be used first-line (without prior injectables) ^{[43] [44]}.

Approval Details: The FDA approved Palsonify based on two Phase 3 trials (called PATHFNDR-1 and -2). These studies showed that paltusotine was highly effective at controlling acromegaly: in one trial, 56% of patients on Palsonify achieved normal growth hormone levels vs just 5% on placebo, and in a second trial (patients switched from injectables), 86% maintained hormonal control on Palsonify vs 4% on placebo ^{[45] [46]}. Patients also reported significantly improved symptoms (e.g. reduced headaches, joint pain, fatigue) as measured by an FDA-recognized Acromegaly Symptom Diary ^[47]. Safety was favorable – no serious adverse events were seen in the trials, and common side effects (mild GI upset, etc.) were transient ^[48]. This strong clinical profile enabled the FDA to grant a “broad label”: Palsonify is approved for essentially all acromegaly patients needing drug therapy (not restricted only to certain subpopulations) ^[49]. “The PATHFNDR program set a new standard for acromegaly treatment,” noted Dr. Shlomo Melmed of Cedars-Sinai, emphasizing Palsonify’s ability to control both biochemical markers and symptoms regardless of disease severity ^[50].

Crinetics’ CEO Scott Struthers hailed the approval as a transformative moment for patients and the company. “With the FDA approval of our lead therapy Palsonify, today marks a new era for those living with acromegaly and also for Crinetics as a company,” he said, adding that “this approval is the first to come from our deep pipeline of first-in-class, small molecule drugs” ^[51]. Notably, Palsonify’s approval validates Crinetics’ core strategy: developing oral drugs to replace injectables in endocrine diseases.

Competition & Market Impact: Palsonify will now compete head-on with “big pharma” incumbents in the acromegaly space. Novartis and Ipsen’s injectable analogs are longstanding blockbusters (Sandostatin and Somatuline had 2024 sales of ~$1.2B and ~$1.3B respectively ^{[52] [53]}) – though both face impending generic erosion. Pfizer also sells pegvisomant (Somavert), a GH receptor blocker, typically used if somatostatin analogs don’t fully work ^[54]. Chiesi’s Mycapssa, as mentioned, offers an oral option but with a narrower indication and requires patients to be first controlled on injectables ^[55]. Palsonify’s advantage is that it can be used earlier and more conveniently. Analysts expect many patients – especially new ones and those struggling with injections – to “gravitate towards Palsonify,” according to the Acromegaly Community patient group ^{[56] [57]}. The addressable market is significant: thousands of acromegaly patients worldwide need lifelong therapy, and Palsonify’s convenience could expand treatment uptake.

Crinetics appears confident in taking on the competition. In fact, SVB Leerink analyst Joseph Schwartz wrote that Palsonify is “poised to challenge the Goliaths of pharma” (Novartis, Pfizer, Ipsen) in this niche ^[58]. Importantly, the FDA approval positions Palsonify as equal in status to those giants’ drugs (all are now first-line options). The market dynamics will depend on pricing, payer coverage, and physician/patient preference.

Pricing and Commercial Plan: Crinetics has set Palsonify’s U.S. list price at about $290,000 per year ^[59]. This price point, while very high, reflects the value of an oral therapy in a rare disease and appears to be higher than many expected. (For context, older injectables often list around ~$60–$120K/year, though dosing and discounts vary.) Baird analysts noted the approved pricing is roughly double what they had modeled ^[60], which they see as a positive surprise for revenue potential. Leerink’s Schwartz called the $290K price “attractive,” suggesting payers may accept it given the severe nature of acromegaly and comparable costs of combination therapies ^[61]. The company will likely offer copay support and patient assistance via its “CrinetiCARE” support program to ensure access ^[62].

To distribute the drug, Crinetics is partnering with specialty channels. On Sept. 26, it announced Orsini as a specialty pharmacy partner for Palsonify ^[63]. Orsini’s rare-disease pharmacy will handle dispensing, insurance coordination, and home delivery – crucial for a smooth launch. “We’re honored to stand alongside Crinetics… to provide access to Palsonify,” said Orsini’s CEO, underscoring the focus on patient support ^[64]. Crinetics is also engaging payers and advocacy groups to promote broad coverage ^{[65] [66]}. Given acromegaly’s seriousness, the drug will likely qualify for insurance coverage as a medically necessary treatment, though negotiations with insurers are ongoing.

Another advantage: global markets. Crinetics is not going it entirely alone worldwide. In Japan, it has a partnership with Sanwa Kagaku Kenkyuso (SKK) to develop and commercialize paltusotine ^[67]. The EU review is also underway – a Marketing Authorization Application is under review with an expected CHMP decision in H1 2026 ^[68]. Approval in Europe could follow mid-2026, and Crinetics may commercialize there independently or seek a partner. These ex-U.S. markets (Europe, Japan, etc.) add to Palsonify’s sales potential beyond the U.S.

In summary, the FDA approval of Palsonify is a watershed event for Crinetics. It unlocks a potentially lucrative revenue stream and validates the platform. The stock’s dramatic rally reflects that investors see this as a “make-or-break” milestone now achieved. The key focus ahead will be execution: successfully launching Palsonify, driving adoption against entrenched competitors, and expanding its use globally and into related indications (e.g. neuroendocrine tumors, as discussed next).

Drug Pipeline and R&D Updates

While Palsonify’s approval grabs headlines, Crinetics’ pipeline depth is a major part of its long-term investment thesis. The company has been positioning itself as a “premier endocrine-focused” biotech with multiple programs addressing rare endocrine disorders ^[69]. Here are the notable pipeline assets and recent developments:

• Palsonify (paltusotine) – expanded uses: Beyond acromegaly, paltusotine is being evaluated for carcinoid syndrome, a condition in patients with neuroendocrine tumors (NETs) that secrete hormones. Crinetics is running the CAREFNDR Phase 3 trial of paltusotine in NET patients with carcinoid syndrome ^[70]. This is an important opportunity since the same somatostatin biology applies – current NET patients often receive the same octreotide/lanreotide injections to control hormone-related symptoms. An oral option could be very attractive in that market as well. Global enrollment for CAREFNDR is ongoing through 2025 ^[71], suggesting data readouts could come in 2026. If positive, that could significantly expand Palsonify’s revenue potential (beyond acromegaly). Notably, Novartis’s and Ipsen’s somatostatin drugs are already approved for NETs, and represent an even larger market in aggregate. Thus, success in carcinoid syndrome would put Palsonify in direct competition there too.
• Atumelnant (CRN04894) – CAH & Cushing’s: Atumelnant is Crinetics’ second clinical candidate, a first-in-class small-molecule antagonist of ACTH receptors. It’s being developed primarily for Classic Congenital Adrenal Hyperplasia (CAH), a genetic disorder where lack of cortisol leads to excessive ACTH and androgen levels. Current CAH treatment is problematic (high-dose steroids and occasional surgeries), so a targeted ACTH blocker could revolutionize care. Crinetics reported positive Phase 2 results (the “TouCAHn” trial) for atumelnant in adult CAH in Jan 2025, showing the drug significantly reduced disease-driving hormones and adrenal gland size ^[72]. Building on this, the FDA granted Orphan Drug Designation to atumelnant for CAH in August 2025 ^[73], recognizing its potential in this rare condition. Atumelnant is the first and only small-molecule ACTH antagonist in clinical development ^[74], which underscores its novelty. Crinetics plans to initiate a Phase 3 trial (CALM-CAH) in adults and a Phase 2/3 trial in pediatric CAH by late 2025 ^[75]. These will be key upcoming milestones – if atumelnant’s Phase 3 confirms efficacy and safety, it could become a second major commercial product for Crinetics in a few years. The company is also eyeing Cushing’s disease (another condition of ACTH excess due to pituitary tumors) and ectopic ACTH syndrome as potential indications, given the same mechanism. This could further broaden atumelnant’s reach. With Orphan Drug status, atumelnant would receive 7-year exclusivity upon approval, plus it already enjoys patent protection (expiry likely in 2030s), making it a valuable asset if successful.
• Other Pipeline Programs: Crinetics has earlier-stage compounds targeting additional endocrine disorders. According to company disclosures, these include candidates for hyperparathyroidism, thyroid eye disease (Graves’ orbitopathy), polycystic kidney disease, diabetes, obesity, and even an oncology program ^{[76] [77]}. One notable emerging program is CRN-09396/CRN-09682, described as Crinetics’ first therapeutic for solid tumors (likely a targeted conjugate or inhibitor for certain endocrine-related tumors). The company indicated that a Phase 1/2 trial for CRN-09682 is about to begin, targeting tumors that express an endocrine marker ^[78]. While details are scant, this shows Crinetics expanding beyond purely hormonal disorders into oncology, presumably leveraging their expertise in hormone receptors. Additionally, Crinetics had previously developed CRN04777 for congenital hyperinsulinism (an ultra-rare pediatric condition), though the status of that program is unclear in 2025 – it may have been deprioritized as the company focuses on nearer-term opportunities.

R&D progress in 2025 has been solid. The company presented long-term data from the Palsonify Phase 3 extension showing sustained hormone control and symptom improvement over time (91–97% of trial completers opted into the long-term extension, reflecting patient benefit) ^{[79] [80]}. They also highlighted Phase 2 atumelnant data at the Endocrine Society’s ENDO 2025 meeting, which demonstrated significant reductions in adrenal volume and hormones in CAH patients ^{[81] [82]}. These presentations bolstered confidence in the durability and real-world impact of their drugs.

Regulatory catalysts ahead: Aside from the ongoing U.S. launch, investors should watch for Europe’s decision on paltusotine (expected H1 2026) ^[83], progress updates from the carcinoid syndrome trial, and the initiation (and eventual data) of atumelnant’s Phase 3. Any partnerships or licensing deals for these programs could also be on the horizon – for example, Crinetics might seek a commercial partner in Europe for Palsonify if they decide not to build an EU salesforce alone. As of now, the Sanwa Kagaku partnership covers Japan ^[84], but other Asian or Latin American markets could be partnered out later. The company has indicated a willingness to “better serve patients and partners” via collaborations ^[85], so investors will monitor business development moves that could monetize parts of the pipeline or offset commercialization costs.

In summary, Crinetics’ pipeline is robust, with multiple shots on goal in rare endocrine diseases. Palsonify’s success provides validation and, soon, a revenue stream to help fund these pipeline programs. The next 1–2 years will involve executing late-stage trials (for atumelnant, carcinoid syndrome, etc.) and potentially moving new candidates into the clinic. If Crinetics can replicate its Palsonify achievement with atumelnant or others, the company could evolve into a multi-product endocrine franchise.

Financials and Fundamentals

Crinetics remains in an early commercial stage with minimal revenue so far, but its financial foundation is strong after several capital raises. Here we break down key fundamental metrics as of the latest reports:

• Revenue & Earnings: In Q2 2025, Crinetics reported revenue of $1.0 million, which actually beat expectations (analysts forecasted roughly $0.6M) ^[86]. This small revenue was attributed to licensing and supply agreements – likely a milestone from the SKK partnership in Japan related to paltusotine ^{[87] [88]}. As a pre-commercial biotech, product sales were zero (Palsonify was not yet approved during Q2). The revenue did jump +150% year-over-year (from ~$0.4M in Q2 2024) ^[89], reflecting the receipt of partnership income. Going forward, meaningful sales will only begin in Q4 2025 or Q1 2026 as Palsonify launches. For now, revenue is not a significant figure, but this will change quickly with a six-figure-priced drug coming to market. On the bottom line, Q2 net loss was – $115.6 million (or -$1.23 per share GAAP) ^{[90] [91]}. This loss widened from -$74.1M a year ago due to ramped-up spending. It also missed Wall Street’s EPS consensus of about -$1.10 to -$1.13 ^{[92] [93]}. The higher loss is not surprising – Crinetics has been investing heavily in R&D and launch preparations. R&D expense in Q2 was $80.3M (+38% YoY) and SG&A (selling, general & administrative) was $49.8M (+101% YoY, essentially doubling) ^{[94] [95]}. The surge in SG&A reflects building a commercial infrastructure (hiring a salesforce, medical affairs, marketing, patient support teams) ahead of the Palsonify launch, as well as launch inventory manufacturing. R&D remains high as multiple trials run in parallel. This spending resulted in a larger loss than previous quarters, but it was within the company’s plan. In fact, management slightly reduced their 2025 cash burn guidance to $340–$370M (from prior $350M+), indicating some efficiencies ^[96]. For the full year 2025, analysts expect Crinetics will post an EPS around -$3.70 (loss) per share ^[97].
• Cash and Balance Sheet:Crinetics’ cash position is very robust, which is crucial for a clinical-stage biotech. As of June 30, 2025, the company held approximately $1.2 billion in cash, cash equivalents and investments ^{[98] [99]}. This war chest is the result of several financing events – notably a large equity raise in late 2021 and possibly additional follow-on offerings or partner payments through 2024. Importantly, management states this cash is sufficient to fund operations “into 2029” ^[100], even accounting for the expensive Phase 3 programs and the commercial launch costs. This is an unusually long runway, implying no immediate need to raise capital. It allows Crinetics to focus on execution without the overhang of near-term dilution. The balance sheet is otherwise very clean. Debt: $0. Crinetics carries no debt at all ^{[101] [102]}, which is favorable in a rising interest rate environment and gives them financial flexibility. Total assets were $1.434 billion vs. total liabilities of only $110 million as of year-end 2024 ^{[103] [104]} (liabilities likely consist of accounts payable, trial accruals, lease obligations, etc., with no loan debt). The book value (equity) is thus high, and the price-to-book ratio was around 2.9x before the stock jump ^[105] – reasonable for a biotech with a newly approved asset. Cash burn in the first half of 2025 was on the order of ~$200M (operating cash flow was -$226M in 1H 2025) ^{[106] [107]}, so the company will still burn significant cash until Palsonify revenue ramps up. However, even if burn rate is ~$350M per year, $1.2B cash can cover ~3-4 years easily. Executives indicated confidence in their capital allocation, even saying they trimmed 2025 expense guidance slightly ^[108]. Financial ratios are typical for a development-stage biotech: no earnings, hence no meaningful P/E; a high price-to-sales (because sales are near zero – trailing 12-month P/S was an astronomical 2400x ^[109], which will normalize as sales come in); and a negative return on investment (-35% TTM) reflecting R&D spending ^[110]. These metrics should improve dramatically in 2026+ when Palsonify sales contribute and R&D may moderate after Phase 3 completions.
• Cash Flow/Profit Outlook: It’s important for investors to note that Crinetics is not expected to be profitable immediately even with Palsonify on market. Launches in rare diseases often take a few years to reach peak sales. Analysts generally model net losses for the next couple of years, with break-even perhaps around 2027 or later, depending on how quickly Palsonify gains adoption and how expenses evolve. The company will incur new costs for post-marketing studies, international expansions, and possibly scaling up manufacturing (though Palsonify is a small-molecule pill, which is cheaper to produce than biologic injections). The gross margins on Palsonify should be very high (likely ~90% typical of small-molecule drugs), so once sales ramp up, the path to profitability is primarily a matter of covering fixed costs (R&D pipeline and SG&A). Given the peak sales estimates (discussed below) in the hundreds of millions or even billion-plus, Crinetics could achieve pharma-like profit margins long-term if execution is strong.
• Share Count: Shares outstanding are about 94 million ^{[111] [112]}. There has been some dilution over time from financing rounds and stock-based compensation. For instance, Crinetics has periodically issued inducement stock options to new hires (under Nasdaq Rule 5635(c)(4)) as reported in monthly press releases ^[113]. In September 2025 it granted ~102,350 shares in options at $35 strike (the closing price on Sept. 10) as inducement awards ^[114]. These and other option grants mean fully diluted share count is a bit higher (possibly ~100M if all options/RSUs vest). The company’s insider ownership does include founders and executives, but insiders have also been selling some shares (as noted, ~11 insider sales in past 6 months totaling ~150k shares) ^[115]. The largest shareholders are institutional (covered in the next section). Overall, share count has been rising at a measured pace; with cash plentiful, no immediate equity raise is expected, which should keep dilution moderate for the next couple of years.

In summary, Crinetics’ financial health is quite robust for a company at this stage. The recent approval will start transforming the income statement (from pure expense to some top-line revenue). The huge cash buffer is a significant de-risking factor; it enables Crinetics to reach key milestones (like Phase 3 results and initial launch outcomes) without needing to tap equity markets under duress. Investors can have some confidence that the company can execute its plans with existing resources. Of course, prudent budgeting is still needed – launching a drug and running multiple trials is costly – but so far management has guided that expenses are under control (even slightly better than forecast ^[116]). In terms of fundamentals, the main thing to watch will be early sales traction of Palsonify and any changes to operating spend (for example, if launch costs more or less than expected). Those factors will drive the trajectory of future earnings (or losses) and whether Crinetics may eventually need to raise additional capital a few years down the road (e.g. to commercialize atumelnant, if Palsonify sales alone aren’t enough by then). For now, however, the balance sheet strength and incoming revenue put Crinetics on solid footing.

Analyst Forecasts and Ratings

Wall Street analysts have overwhelmingly positive views on Crinetics following the Palsonify approval, although their price targets vary widely depending on sales assumptions. According to Yahoo/InvestingPro data, the stock carries a consensus “Strong Buy” rating (or “Moderate Buy” in some surveys) from the analysts covering it ^{[117] [118]}. Here are some highlights of recent analyst actions and forecasts:

• Baird: Upgraded their scenario after approval – raised the price target to $62 (from $58) while reiterating an Outperform rating ^[119]. Baird’s analysts noted the “derisking” event of FDA approval removes a major overhang ^[120]. They also applauded that Palsonify received a broad label including symptom improvements, which should aid marketing ^[121]. Baird was impressed that pricing came in roughly double their initial expectation, which significantly boosts projected revenue ^[122]. They expressed confidence in Crinetics’ commercial strategy, calling it “robust” and well-prepared for a successful launch ^[123]. In short, Baird sees upside as the company executes the rollout.
• SVB Leerink (formerly Leerink Partners): Analyst Joseph Schwartz has been bullish, famously stating Palsonify is “poised to challenge the Goliaths of pharma” like Novartis ^[124]. Post-approval, Leerink emphasized the broad label and high price ($290K) as key positives. However, Schwartz’s peak sales estimate is somewhat conservative: about $375 million/year in the US+EU at peak ^[125]. This suggests a price target likely in the double-digits (exact PT not cited, but probably in the $50–$75 range given that sales forecast). Leerink’s take is that Palsonify will capture meaningful share but perhaps not completely upend the market.
• JMP Securities (Citizens JMP): Perhaps the most bullish outlook – analyst Jonathan Wolleben at JMP raised his target from $86 to a Street-high $143 after the approval ^{[126] [127]}. He maintains a Market Outperform rating. This implies JMP sees tremendous upside (well over 3× the current price). The rationale likely includes very optimistic peak sales (possibly $1B+ global) or viewing Crinetics as a potential takeover candidate now that the drug is approved. JMP’s aggressive stance stands out; it essentially bets that Crinetics will achieve blockbuster-level sales or pipeline success beyond what others model. (Interestingly, just days before approval, the same analyst had trimmed the target to $86 from $90, citing caution on launch ramp ^[128], but the final approval details changed that outlook significantly – showing how pivotal the label and price news was.)
• Cantor Fitzgerald: Reiterated their Overweight rating with a $90 price target ahead of approval ^[129]. Cantor called $90 potentially “quite conservative over time,” indicating they see room for upside if all goes well ^{[130] [131]}. Their thesis highlighted Crinetics as a top pick in small-cap biotech, praising its strong financial position (current ratio ~18x) and noting management’s reassurance that certain safety concerns (like liver enzyme elevations on atumelnant) have not been problematic ^[132]. Cantor also pointed out interest in Crinetics’ other pipeline programs, suggesting value beyond just acromegaly ^[133]. Overall, Cantor’s $90 target reflects confidence in Palsonify’s success plus pipeline contribution.
• Goldman Sachs: A notable outlier on the bearish side. Goldman raised its target only slightly, from $35 to $40, and maintained a Neutral rating ^{[134] [135]}. At $40, Goldman’s target actually implied ~12% downside from the post-rally stock price ^[136]. This stance suggests Goldman is skeptical about either the commercial uptake or perhaps the valuation after the run-up. They might be concerned about competition (e.g., generics or other orals like Mycapssa) or simply think the stock was fairly valued pre-approval. Goldman’s caution provides a counterpoint – reminding investors that execution risk remains. Indeed, at ~$46/share, a lot of success is already priced in, so if the launch were to disappoint, downside is possible.
• JPMorgan Chase: Analyst Jessica Fye at JPM maintained an Overweight rating but had trimmed her target slightly from $53 to $52 just before approval ^[137]. JPM was positive on the drug but perhaps adjusting for higher share count or minor factors. In any case, $52 is above current prices, aligning with a bullish outlook but not exuberant. JPM likely will update their model post-approval (they might revise upward given the actual label and price).
• HC Wainwright: As of mid-2025 (June), Wainwright had a Buy rating with a $81 target ^[138]. They have been long-time bulls on CRNX, focusing on the unmet need and potential for atumelnant as well. It wouldn’t be surprising if Wainwright or others (Needham, Piper, etc.) also come out with updated targets now that the risk of non-approval is removed.
• Consensus and MarketBeat data: Across the covering analysts, MarketBeat reports 8 Buys, 2 Holds (likely Goldmans and perhaps one other as holds) ^[139]. The average price target is around $70.9 ^[140], which implies significant upside (>50%) from current levels. This average has been skewed upward by extremely high targets like $143, but even excluding that, many targets cluster in the $60–$90 range. Essentially, the Street expects Crinetics stock to appreciate as Palsonify’s commercial rollout and pipeline progress drive value. The mean rating score was 1.82/5 (with 1 = Strong Buy) ^[141], confirming a bias toward Buy.

It’s worth noting that analysts’ sales projections vary: For example, Piper Sandler (noted in a Reuters piece) estimates Palsonify could reach $1.5 billion in peak sales by 2030 ^[142], which is quite bullish and would justify a stock well north of current levels. In contrast, as mentioned, Leerink sees ~$375M peak US/EU, and Goldman might implicitly be modeling something even lower given their stance. These differences hinge on assumptions about how many acromegaly patients will switch to Palsonify, the drug’s uptake in new patients, duration of therapy, competition (including generics of injectables or new entrants), and expansion to NETs (carcinoid) or other indications.

Analyst quotes: Baird commented that the late-afternoon approval on Sept. 25 “removed any lingering risk” in their view ^[143], since it was largely anticipated due to strong data. JMP’s exuberant raise suggests they see Crinetics now as a top-tier growth story among small biotechs. Meanwhile, Cantor’s note called Crinetics one of its top picks, highlighting its strong financials and pipeline derisking steps (like atumelnant’s orphan status) ^{[144] [145]}. On the cautious side, Goldman’s effective Neutral implies a “show me” attitude – the firm likely wants to see actual sales data and how the competitive landscape shakes out before turning more positive.

For investors, the takeaway is that sell-side sentiment is largely optimistic, and the recent news has prompted target upgrades almost across the board. The stock’s rally is in part a reflection of these endorsements. However, as always, lofty price targets (like $143) should be taken with a grain of salt – they often assume ideal execution and a bull-case scenario. Conversely, the fact that even the lowest target ($40) is not drastically below the current price suggests downside is somewhat cushioned unless something goes wrong.

Going forward, expect analysts to closely track early launch metrics (e.g. number of patients on Palsonify, feedback from physicians, insurance coverage wins) and pipeline milestones (like atumelnant Phase 3 start). Any signs that Palsonify uptake is slower or faster than expected will likely lead to rapid revisions in these price targets. Additionally, as we get closer to Phase 3 data for atumelnant or carcinoid, those could drive new bull or bear theses. But for now, the Street view is that Crinetics has a bright path ahead, with multiple shots on goal and a freshly approved drug that could generate substantial revenue.

Investor Sentiment and Institutional Activity

Investor sentiment around CRNX has improved significantly after the FDA approval, as evidenced by the stock’s price action and volumes. Before the approval, sentiment was mixed – cautious optimism tempered by typical biotech risk aversion. We can examine a few indicators of investor positioning and sentiment:

• Institutional Ownership: Crinetics has a strong following among specialized biotech investors and some generalist funds. According to recent 13F filings, institutional ownership is high (well over 80% of float) – common for a mid-cap biotech. In the first half of 2025, many institutions adjusted their stakes in anticipation of the PDUFA event. Notably, in Q1 2025, 121 institutional investors added shares while 147 reduced their holdings ^[146]. This suggests some rotation – perhaps hedge funds trimming risk, while long-term funds accumulated. One major mover was FMR LLC (Fidelity), which added ~5.1 million shares in Q1, a 57% increase in their stake (an investment of roughly $171 million) ^[147]. This is a bullish sign as Fidelity is a large, long-horizon investor. Conversely, Point72 Asset Management (Steve Cohen’s fund) sold ~2.0 million shares (about 72% of its position) in Q1 ^[148], possibly to take profits or reduce biotech exposure. Other holders like Janus Henderson added shares (+22%), while some specialized biotech funds (e.g. Eventide, Franklin, Lord Abbett) trimmed or exited positions ^[149]. The net effect is that ownership has consolidated somewhat – with certain big players doubling down. As of mid-2025, top holders likely include Fidelity, Perceptive Advisors, Vanguard, BlackRock, Janus Henderson, and other biotech-focused funds. The presence of dedicated biotech VCs/hedge funds (Perceptive, RA Capital, etc. if applicable) often indicates informed confidence in the science. The fact that FMR made such a large add suggests strong institutional conviction in Crinetics’ story ahead of approval.
• Hedge Funds and Short Interest: The short interest in CRNX was relatively high leading up to the FDA decision – about 14 million shares short, ~15.5% of float (as of Aug 31, 2025) ^{[150] [151]}. This indicates a subset of investors were betting on negative outcomes or overvaluation. A 15% short float is significant for a biotech (it’s not uncommon for biotechs around binary events, as some shorts speculate on delays or competition). However, with the approval coming through positively, those shorts faced a squeeze. On Sept. 26, as mentioned, volume was nearly 10 million shares, which is almost 15 days worth of average volume (since average was ~1.04M/day) ^{[152] [153]}. The short interest ratio (days-to-cover) was around 15.5 days before the spike ^[154], meaning it would take over two weeks of normal trading for shorts to cover all positions. The one-day 28% surge likely forced many shorts to buy back shares in a hurry, amplifying the stock’s rise. This dynamic is a classic short squeeze. Going forward, we’ll see short interest likely drop in the next report, unless skeptics re-enter positions at higher prices. The rationale for previous short positions could be questioning whether Palsonify would be approved on time (it was, and even a bit earlier in the day than some expected) or whether its uptake would justify the market cap. Some shorts may pivot now to thesis like “the stock is priced to perfection, launch will underwhelm.” If CRNX continues to climb, that could further pressure any remaining shorts.
• Insider Sentiment:Insider trading activity can shed light on management’s outlook. Over the last 6 months, insiders (executives and directors) did not purchase any shares on the open market; instead, there were 11 sell transactions ^[155]. For example, co-founder & CSO Stephen Betz sold ~103,000 shares (netting ~$3.34M) over several sales ^[156], the Chief Medical Officer sold ~22,500 shares (~$1.06M) ^[157], CEO Scott Struthers sold ~17,300 shares (~$593K) ^[158], and COO Jeff Knight sold ~7,100 shares ^[159]. These were likely part of 10b5-1 pre-scheduled trading plans (common for insiders to gradually sell stock for diversification). While consistent insider selling can sometimes worry investors, in this case the magnitudes were not alarming relative to their total holdings and occurred before approval. Insiders still hold significant equity stakes and stock options, aligning them with the company’s success. Post-approval, we have seen at least one Form 144 filing (on 9/26) for a modest insider sale (16,000 shares) ^[160] – again, this may simply be taking advantage of the higher price. There has been no insider buying, but that’s typical for a company that regularly grants stock to insiders as part of compensation. Overall, insider sentiment seems confident (no one is dumping large portions of their holdings), and their measured sales likely reflect personal financial planning rather than a lack of belief.
• General Investor Sentiment: On social media and among retail investors, CRNX garnered a lot of attention around the FDA decision. The stock was trending on forums like Stocktwits and biotech investor communities, with many pointing out the large one-day gain and the “de-risking” of the story. A Stocktwits post noted the surge in retail chatter as Crinetics “wins FDA nod for first oral acromegaly drug,” highlighting that U.S. launch is imminent and EU could follow in 2026 ^[161]. Retail sentiment appears broadly positive, though some traders may simply be riding momentum. It’s worth noting that CRNX is a mid-cap (~$4B) and is mostly institutionally held, so retail flows are not the dominant driver, but they can contribute on the margin during big news.
• Institutional Conferences and Engagement: Crinetics has been active in investor outreach – presenting at healthcare conferences (e.g., JPMorgan Healthcare Conference January 2025 ^[162], etc.) and hosting its R&D Day in 2025 ^[163]. Such events keep institutions informed and often bolster sentiment if new data is showcased (for instance, the long-term Palsonify data at R&D Day likely reassured investors about durability). The company’s transparent communication (including an investor call on the day of approval ^[164]) has been noted by analysts.
• M&A Speculation: Whenever a small biotech has an approved product in a niche dominated by pharma giants, takeover speculation naturally arises among investors. Some bulls believe Crinetics could be an M&A target for a larger endocrine or rare disease focused company, especially if Palsonify sales ramp up quickly. Companies like Novartis, Ipsen, or even endocrine specialty firms (e.g., Recordati, which acquired the other oral acromegaly drug company Chiasma) could theoretically be interested in acquiring Crinetics to solidify their position. However, there are no concrete rumors or approaches disclosed. Crinetics likely prefers to launch on its own for now. Nonetheless, this angle adds to investor sentiment – the idea that downside is limited because the asset is valuable enough that a larger player might buy them at a premium if the stock falters.

In conclusion, investor sentiment has turned bullish overall, as the successful FDA approval validates the company’s approach. Institutional support is strong (with top-tier funds involved), and even though some profit-taking and short-selling occurred pre-event, the outcome has so far been a vindication for the longs. The presence of a considerable short interest that just got squeezed out also means the shareholder base may tilt even more toward long-term holders now. Investors will be keenly watching the next earnings calls to hear about launch progress (patient enrollments, reimbursement status) and the pipeline milestones. If positive news continues to flow, sentiment should remain favorable. However, any hiccups (e.g., slower uptake, unexpected safety issues in broader use, or pipeline delays) could test this optimism. For now, though, Crinetics finds itself in the market’s good graces, with many viewing it as an emerging leader in endocrine therapies.

Recent News and Developments (Sept 2025)

The last few days of September 2025 have been eventful for Crinetics, beyond the headline approval. Here’s a roundup of relevant news in late September:

• FDA Approval Announcement & Investor Call (Sept 25): Crinetics officially announced the Palsonify approval via press release and held a conference call at 6:00 pm ET on Sept. 25 to discuss it ^[165]. During the call, management likely provided initial launch details and answered analyst questions. (Notably, the $290k pricing figure came from this call, as mentioned in media ^[166].) They also likely discussed supporting programs like CrinetiCARE and reaffirmed guidance that Palsonify would be available in early October ^{[167] [168]}. The tone was celebratory yet focused on execution ahead.
• Specialty Pharmacy Partnership (Sept 26): As discussed, on Sept. 26 Crinetics announced Orsini as its specialty pharmacy partner for Palsonify ^[169]. This is an important piece of the distribution puzzle to ensure patients can seamlessly receive the drug nationwide (especially since acromegaly patients are treated by specialists often in coordination with specialty pharmacies). Orsini’s involvement was covered by a PR Newswire release and trade publications, emphasizing Orsini’s experience in rare disease and commitment to supporting acromegaly patients ^[170]. This news shows that Crinetics had its commercial infrastructure ready to roll the moment approval hit.
• Inducement Grants (Sept 10): Earlier in the month, Crinetics disclosed routine inducement stock option grants to new employees under Nasdaq rules ^[171]. On Sept. 10, they granted options for 25,000 shares to one new non-executive hire at an exercise price of $35 (the stock’s close that day) ^[172]. Such grants are standard for biotech companies to attract talent and weren’t market-moving. However, it’s indicative that Crinetics is hiring – likely commercial roles – as it geared up for launch. Additional inducement grants were similarly announced in July and August ^{[173] [174]}, showing steady team growth.
• Orphan Drug Designation (Aug 21): In the prior month, the FDA granted Orphan Drug Designation to atumelnant for CAH, which Crinetics announced on Aug. 21 ^[175]. This was accompanied by a business update detailing the Phase 2 TouCAHn results and plans for Phase 3. The Orphan status is significant as it provides regulatory support (fee waivers, tax credits) and market exclusivity upon approval ^[176]. This flew a bit under the radar in general media, but Cantor and others cited it as a positive development ^[177]. It shows progress on the second program even as all eyes were on paltusotine.
• Q2 2025 Financial Results (Aug 7): In early August, Crinetics reported Q2 results (covered in detail above) and provided a business update. Key points from that update: reaffirmation of the Sept 25 PDUFA date (which was on track) ^[178], mention that manufacturing and commercial prep were underway, and an update on pipeline (enrollment completed in atumelnant’s Phase 2, etc.). They also slightly lowered their projected 2025 cash burn, reflecting efficient management ^[179]. This news helped set expectations that the company was ready for the approval decision and had its ducks in a row.
• Media Coverage: Several financial media outlets picked up on Crinetics’ big news:
  • Reuters published a piece on Sept 25 titled “US FDA approves Crinetics’ oral pill for rare hormone disorder” ^[180], which highlighted the significance of the first oral acromegaly therapy and cited an analyst (Piper Sandler) calling for $1.5B peak sales ^[181]. It also mentioned competition (Chiesi’s Mycapssa and injectables) ^[182] and included a quote from a patient advocacy leader Jill Sisco expressing optimism for patients switching from injections ^[183].
  • Stat News ran a story, “Crinetics wins FDA approval for acromegaly drug, faces competition with Novartis and Ipsen” ^[184] on Sept 25, noting Palsonify is the biotech’s first product and discussing how Novartis/Ipsen’s injectables dominate the market. Stat also reported the annual list price $290k and included a quote from CEO Struthers ^{[185] [186]}.
  • MedCity News published “With FDA Nod in Rare Hormone Disease, Crinetics Can Challenge Blockbuster Meds from Novartis, Ipsen” on Sept 26 ^[187], giving context on how Palsonify stacks up against those companies’ $1B+ franchises and summarizing trial results and safety ^{[188] [189]}.
  • BioPharma Dive’s weekly roundup on Sept 26 led with “Crinetics drug to challenge pharma ‘Goliaths’”, quoting the Leerink analyst’s take and noting the attractive label and pricing ^[190].
  • Investing and stock analysis sites (Motley Fool, Zacks, etc.) also commented on the news. For example, a Motley Fool piece noted the Q2 results and cash runway, contextualizing the approval as setting up a “next wave of growth” for the company ^{[191] [192]}.
  • No negative news surfaced; there were no FDA delays or safety concerns announced, and no legal challenges. The news cycle was almost entirely positive for Crinetics during this period.
• Regulatory/Legal: No new legal issues were reported. Crinetics remains involved in the standard patenting processes for its drugs (Palsonify will have patent protection likely into 2037 per management comments, though that’s not explicitly in recent news). No lawsuits or regulatory setbacks have been disclosed. The approval process went smoothly without an FDA advisory committee or any public controversy. The absence of any FDA-required Risk Evaluation Mitigation Strategy (REMS) or black-box warnings on Palsonify also kept news clean (Palsonify’s safety warnings about gallstones, blood sugar changes, bradycardia, etc., are in the label but are expected class effects ^{[193] [194]}).
• M&A/Partnership: Aside from the Orsini partnership and existing SKK deal, no new partnerships or acquisitions were announced in September. Crinetics did not acquire any companies, and no merger talks were reported. It appears the company’s focus is on internal pipeline development and executing this launch, rather than M&A. They did, however, participate in a NIH-funded consortium or collaborative research here and there (for example, earlier in 2025 they got a small NIH grant for a hyperinsulinism program – not recent, but shows outreach).

Overall, late September 2025 has been a highly positive news period for Crinetics, crowned by the FDA approval. This catalyst overshadowed all else, but supportive news like the specialty pharmacy deal and orphan designation also reinforce the story. Investors should stay tuned for upcoming events: likely in the next few weeks, Crinetics will provide an update on launch metrics in its Q3 earnings (due in early November 2025). Additionally, any analyst conference presentations or scientific congress abstracts later this year might give hints of how things are going.

The company’s investor relations page and press releases (which we have cited liberally) will be the source of any new filings or developments. For instance, Crinetics scheduled an R&D Day on Nov 15, 2025 (hypothetically, if they follow prior patterns) or will issue pipeline updates via press release when Phase 3 atumelnant starts dosing. No negative surprises have emerged in recent days – which is good news in itself, since occasionally approval announcements are accompanied by things like restrictive labels or required post-marketing studies that worry investors. In Crinetics’ case, the outcome appears as good as could be hoped.

Conclusion and Outlook

Crinetics Pharmaceuticals enters Q4 2025 as a newly commercial biopharma with a clear opportunity and challenges ahead. The stock’s recent surge reflects the market’s recognition that the company’s years of R&D investment have yielded a valuable asset in Palsonify. Investors now will be focused on execution: Can Crinetics convert this scientific win into business success?

The near-term outlook is dominated by the Palsonify launch. Expectations are that initial uptake will come from specialized endocrine centers. If Crinetics can swiftly get top-tier pituitary endocrinologists to prescribe Palsonify to eligible patients, word-of-mouth and patient demand could drive strong adoption. The company’s strategy of emphasizing patient quality of life (no injections, symptom control) and providing support via CrinetiCARE should help. In terms of numbers, analysts will likely look for metrics such as the number of patients on therapy by early 2026, refill rates, and any reported early revenues (perhaps we’ll get preliminary sales figures in the Q4 earnings call). A risk is that payers might be slow to approve such an expensive therapy; however, given acromegaly’s rarity and severity, payers historically have covered analogs with prior authorizations – Palsonify should slot into formularies similarly, possibly requiring patients to show they need medical therapy for acromegaly.

Another aspect of outlook: competition and market share. Novartis and Ipsen will not cede a lucrative market easily. They may respond by highlighting the decades-long safety record of injectables, possibly offering pricing deals for their therapies, or even developing their own oral versions (though none are near-market). Additionally, Chiesi’s Mycapssa is a competitor in the oral space – Mycapssa struggled initially after its 2020 approval, leading Chiasma to merge into Amryt/Chiesi. Mycapssa’s limited indication and dosing inconvenience (two pills twice daily) give Palsonify advantages, but Chiesi might attempt to expand Mycapssa’s label or improve formulation. Pfizer’s Somavert is a daily injection (not an analog, but a GH blocker) often used in refractory patients – Palsonify might reduce Somavert use if it works earlier in the treatment line. Also, new drugs could emerge: for example, an up-and-coming biotech or one of the pharma “goliaths” could have a next-gen therapy in development (though none are public at this time). Investors should watch if any competitor starts a head-to-head trial or if generic octreotide/lanreotide significantly undercut on price after patent expirations (Sandostatin LAR generics are starting to appear, which could pressure pricing in acromegaly and NET).

Crinetics’ long-term growth will be fueled not just by acromegaly but by pipeline expansion. The approval provides credibility with regulators and perhaps makes enrollment in other trials (like for atumelnant) easier, since physicians see that this small company can deliver. The fact that two Phase 3 programs (carcinoid and atumelnant for CAH) are or soon will be underway means that by late 2026 or 2027, Crinetics could have results that lead to additional NDA filings. If all goes well, by 2027–2028 Crinetics might be marketing multiple products: Palsonify (for acromegaly and possibly NETs) and atumelnant (for CAH, maybe Cushing’s). This multi-product scenario is what the more bullish analysts are pricing in.

Financially, the turn towards profitability will depend on the pace of adoption. With a $290k price, even a few hundred patients on drug can translate to tens of millions in revenue. There are estimated several thousand treatable acromegaly patients in the US; capturing say 25% of them at peak could imply ~$500M+ annual U.S. sales (not counting NET indication). That would indeed put Crinetics in line to be a multi-billion dollar revenue company long term if pipeline pans out. However, it’s early days – the launch will tell how eager physicians and patients are to switch to an oral drug. The company’s guidance and any early sales figures by next year will heavily influence investor models.

One should also consider execution risks: As a first-time commercial company, Crinetics must flawlessly manage supply chain (ensuring drug availability), patient support, and a field force educating doctors. Any hiccups (manufacturing issues, an unexpected safety finding in the broader population, etc.) could dampen momentum. Thus far, nothing suggests such issues – manufacturing was ready (the drug is small-molecule, likely manufactured at scale already), and safety in trials was very good. Nonetheless, investors will watch for any post-marketing safety reports once more patients use Palsonify. The FDA will too; it’s typical for FDA to require some post-approval studies (e.g., perhaps a registry to monitor long-term outcomes, given this is chronic therapy).

From an investor strategy perspective, CRNX stock now has a different risk profile: it’s less about binary clinical trial risk and more about commercial and pipeline execution risk. Some biotech-specialist investors who focus on pre-approval might rotate out (having “played” the catalyst), while more generalist healthcare funds might rotate in now that revenue and earnings trajectories can be analyzed. This shift can cause some volatility. It will be interesting to see if any institutional ownership changes occur in Q4 – for instance, does Fidelity add more on strength or take some profit? Do hedge funds flip from short to long? The next round of 13F filings (early 2026 for Q4 2025 positions) will tell that story.

In summary, Crinetics is on the cusp of a new chapter: moving from an R&D-focused biotech to a commercial-stage growth company. The recent news flow – FDA approval, orphan designation, supportive analyst commentary – is strongly positive, and the company’s fundamentals (cash and team) provide a stable foundation. If Palsonify’s launch meets expectations and the pipeline continues to deliver good data, CRNX stock could have further room to run, potentially reaching or exceeding analysts’ higher targets. Conversely, investors will keep an eye on execution and competition, as any stumbles there could revive volatility.

For now, the sentiment can be summed up by CEO Struthers’ enthusiastic remark: “Today marks a new era…for Crinetics as a company” ^[195]. With one era (drug development) largely succeeded, and the next era (drug commercialization and expansion) beginning, Crinetics has firmly put itself on the biotech investment map in 2025.

Sources: The information above is drawn from official Crinetics press releases, FDA news releases, and reputable financial news outlets including Yahoo Finance, Reuters, Stat News, Investing.com, and BioPharma Dive. Key sources include the Reuters report on the FDA approval ^{[196] [197]}, Stat News coverage ^[198], Crinetics’ own FDA approval press release ^{[199] [200]}, an Investing.com summary of analyst reactions (Baird, JMP, Cantor) ^{[201] [202]}, Cantor’s pre-PDUFA analysis ^{[203] [204]}, and Motley Fool/Webull analysis of Q2 financials ^{[205] [206]}, among others. These provide a comprehensive and up-to-date picture of Crinetics as of Sept. 26, 2025.

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