Crinetics Pharmaceuticals (NASDAQ:CRNX) stock is on the rise Monday after the company announced positive clinical trial results.
According to a press release from the company, its Phase 3 PATHFNDR-1 clinical trial was able to meet all of its primary and secondary endpoints. This study covers a treatment for patients with acromegaly, which is a disorder that causes increases in body size due to more growth hormones than normal.
Monica R. Gadelha, M.D., Ph.D., a principal investigator in the PATHFNDR program, said the following about the results.
“This study demonstrated that the transition to paltusotine was done seamlessly and the results showed once-daily, oral paltusotine maintained both symptom control as well as biochemical control when switching from monthly injections.”
Crinetics Pharmaceuticals’ PATHFNDR program has the potential to draw in a large number of adults suffering from acromegaly. It offers them a once-daily oral medicine to take rather than standard-of-care injections.
What This Means for CRNX Stock
Crinetics Pharmaceuticals stock could get a major boost if the company can commercialize its acromegaly treatment. However, the company is first waiting for results from its PATHFNDR-2 study before submitting a New Drug Application (NDA) to the Food and Drug Administration (FDA).
Crinetics Pharmaceuticals expects results from its PATHFNDR-2 study during the first quarter of 2024. Following that, it intends to submit an NDA to the FDA sometime that year.
CRNX stock is up 64% as of Monday morning as some 1.6 million shares change hands. The company’s daily average trading volume is about 493,000 shares.
Investors seeking out even more of the most recent stock market news will want to stick around.
InvestorPlace is home to all of the hottest stock market news traders need to know about on Monday! That includes the biggest pre-market stock movers this morning, as well as the latest news concerning GameStop (NYSE:GME) stock and more. All of that info is ready to go at the links below!
More Monday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Monday
- GME Stock Alert: Why Is GameStop Down Today?
- Stock Market Crash Alert: Mark Your Calendars for Sept. 13
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
