Crinetics' CRN04777 Shows Dose-Dependent Suppression of Fasting Insulin - Crinetics Pharmaceuticals (NASDAQ:CRNX)

Crinetics Pharmaceuticals Inc CRNX announced topline results from the multiple ascending dose (MAD) cohorts of healthy volunteers in the Phase 1 study of CRN04777.
CRN04777 is a nonpeptide somatostatin receptor type 5 (SST5) agonist as an oral treatment for congenital monogenic and syndromic hyperinsulinism. This condition causes individuals to have abnormally high insulin levels, which is a hormone that helps control blood sugar levels.
The data showed a rapid and sustained reduction of insulin secretion, including in a pharmacologic model of congenital hyperinsulinism (HI)
Consistent with the SAD findings, data from the MAD cohorts showed that CRN04777 inhibited insulin secretion and eliminated the need for glucose support in a model of hyperinsulinism.
The new data are from 27 healthy volunteers who received once-daily oral doses of CRN04777 (30 mg, 60 mg, or 120 mg) or a placebo.
Pharmacokinetic and exposure profiles were consistent with expectations from the SAD cohorts, with CRN04777 being orally bioavailable with a half-life of approximately 40 hours.
The Company held unrestricted cash, cash equivalents, and investments of $333.7 million.
JMP Securities analyst Jonathan Wolleben maintains Crinetics Pharmaceuticals with a Market Outperform and raises the price target from $43 to $45.
Price Action: CRNX shares are up 4.05% at $19.77 during the market session on the last check Thursday.