Crinetics Surge On Positive Findings From Phase 2 Study Of Paltusotine

(RTTNews) - Crinetics Pharmaceuticals, Inc. (CRNX) shares climbed 11% on Tuesday on positive initial findings from ongoing open-label phase 2 study of Paltusotine for the treatment of Carcinoid syndrome.

Shares of Crinetics are trading at $36.97, up 11.17% on the Nasdaq. It has traded between $15.23 and $37.88 during the past 52 week-period.

The initial findings from open-label phase 2 study of paltusotine revealed that it reduces frequency and intensity of bowel movement and flushing in patients with Carcinoid syndrome.

Carcinoid syndrome is found in patients with neuroendocrine tumors, which is a slow-growing cancer in digestive tract.

The company expects to receive the topline data from the full study in the first half of 2024.