New York, May 24, 2026, 18:05 (EDT)
- CRNX finished Friday at $36.80, off 0.78% for the session and just above last Friday’s $36.77 finish.
- Crinetics said its management will be at the Jefferies Global Healthcare Conference in New York from June 2 to 4. The company plans to hold one-on-one meetings with investors on June 3.
- U.S. stock markets won’t open Monday because of Memorial Day, so the week has just four regular sessions.
Crinetics Pharmaceuticals Inc. CRNX is steady this week ahead of the Memorial Day holiday, with shares holding near $36.80 and a market cap close to $3.83 billion. The endocrine drugmaker’s next investor event is now scheduled.
No trading on Monday means there’s no Monday tape to look at. Nasdaq calls Memorial Day, May 25, a market holiday. Its normal U.S. hours are 9:30 a.m. to 4 p.m. Eastern on trading days.
Stocks moved up last week, with the S&P 500 up 0.9%, the Dow rising 2.1% and the Nasdaq Composite gaining 0.5%, AP market data showed. CRNX lagged those moves but didn’t fall apart after selling off on its early-May earnings.
Biotech stocks eased Friday. The SPDR S&P Biotech ETF dropped 0.8%. The iShares Nasdaq Biotechnology ETF was down around 0.1%, matching the move in CRNX.
Palsonify is still the focus for Crinetics. The company posted first-quarter revenue of $10.7 million, with $10.3 million coming from U.S. sales of Palsonify. That’s a jump from $5.4 million in the fourth quarter. Crinetics reported 232 enrollment forms submitted for patients starting therapy. Around 70% of patients on therapy at the end of the quarter were getting their treatment reimbursed by payers.
Crinetics founder and CEO Scott Struthers said the launch saw “strong adoption of Palsonify” along with a “positive patient response,” and told reporters that the prescriber base pointed to “growing confidence” from endocrinologists. Net loss for the quarter came in at $127.8 million, compared with $96.8 million a year ago.
Citizens trimmed its price target on the stock to $95 from $97 but stuck with an Outperform rating. The broker noted Palsonify’s launch looks strong and reimbursement trends are getting better. Wall Street hasn’t dropped the name.
Competition here is real. After the FDA approved Palsonify, Reuters said the drug would go up against Chiesi’s oral Mycapssa, plus injectables like Pfizer’s Somavert and Novartis’ Sandostatin and Signifor. Piper Sandler analysts projected Palsonify could hit $1.5 billion in peak annual sales by 2030.
The company calendar is mostly empty this week. The next set date is the Jefferies conference next week. Investors are expected to ask management about prescriber growth, payer coverage, and the drug pipeline. Crinetics lists atumelnant as a late-stage program for congenital adrenal hyperplasia and ACTH-dependent Cushing’s syndrome, tied to high adrenocorticotropic hormone.
Crinetics’ risk warning is tough to miss. In its latest quarterly report, the company said it still hasn’t shown sales or income potential and expects net losses to continue for now. Crinetics also said it may need a lot more capital in the future, even though it had $1.3 billion in cash, cash equivalents and investment securities at March 31.
CRNX heads into the holiday week with its launch story on the table, cash-burn concerns still in play, and an investor meeting coming up in June. Tuesday’s open will show if the $37 level is just a stopping point for buyers or if they see it as sidelined until Crinetics moves again with new data.
