(Reuters) - Shares of drug developer Crinetics Pharmaceuticals jumped about 78% on Monday after its experimental treatment for a rare hormonal disorder ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOS - Shares of drug developer Crinetics Pharmaceuticals jumped about 78% on Monday after its experimental treatment for a rare hormonal disorder not only succeeded, but performed better than Wall Street expectations in a late-stage trial.
The company said on Sunday that 83% of patients on its experimental drug paltusotine were able to maintain growth-factor levels, compared to 4% who were receiving the placebo. The data is"picture perfect" and the daily oral drug could become the preferred therapy for acromegaly, Oppenheimer analyst Leland Gershell said.
The company expects to report results in the first quarter of 2024 from another late-stage trial evaluating paltusotine in treatment-naïve patients.
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