Crinetics Pharmaceuticals Stock Fire
Crinetics Pharmaceuticals stock price went up a lot before the stock market opened on Monday. This happened because the company announced some positive news about their main experimental drug, paltusotine. They said that paltusotine did really well in a big study (called a Phase 3 study) with patients who have a rare hormonal disorder called acromegaly.
Why is the Crinetics Pharmaceuticals Stock price Rise on High?
Crinetics Pharmaceuticals, which is based in San Diego, explained that this study was one of two big studies they are doing with paltusotine for acromegaly. In this study, they had patients stop using their regular injections for the disorder and start taking paltusotine as a pill once a day.
The company also mentioned that paltusotine didn’t cause any serious problems for the patients in the study. They are now planning to ask the government for permission to sell paltusotine as a medicine as soon as they finish the second Phase 3 study, which will be done early next year.
Because of this good news, the price of Crinetics’ stock went up by more than 34% before the stock market opened. The stock had closed at $15.97 on Friday, but in premarket trading on Monday, it was worth $21.47.