Shares of Crinetics Pharmaceuticals experienced a significant boost in value following the release of encouraging data from an ongoing study on the treatment of carcinoid syndrome. The stock soared 13%, bringing it to $37.60 during midday trading, which marks its highest point since September 2018. Notably, shares have more than doubled in value this year.
Based in San Diego, Crinetics Pharmaceuticals announced the results of its Phase 2 study involving paltusotine, a potential therapeutic option for patients with neuroendocrine tumors who suffer from carcinoid syndrome. The study showed promising outcomes, particularly in terms of reducing certain symptoms associated with the condition.
The initial findings suggest a significant decrease in both the frequency and severity of bowel movements and flushing, which are key symptoms of carcinoid syndrome. These positive results have prompted the company to share its findings with the U.S. Food and Drug Administration upon the completion of the study in the next quarter.
In addition to its application in carcinoid syndrome, Crinetics Pharmaceuticals is also investigating the use of paltusotine as a treatment option for acromegaly, an uncommon hormonal disorder.
