Oct. 8 at 2:20 PM
Piper Sandler reiterated
$CRNX Overweight-
$97 and said we are buyers and continue to be bullish on PALSONIFY's launch opportunity/trajectory.
$NVS $AZN
Piper Sandler additionally said:
CRNX has been up ~20% over the last month after PALSONIFY approval in acromegaly with a clean/broad label and thoughtful pricing.
In our deep dive, we review channel checks and believe expectations heading into launch are fair with a lucrative US acromegaly TAM of~36K (~11.5K initial addressable market).
Importantly, prior KOLs see a significant utility for PALSONIFY and would expect it to be eventually used in >~70% of patients.
Further, we detail Street likely does not realize CRNX's comprehensive commercial infrastructure with CrinetiCARE, simple start form paperwork, and active advocacy support. Hence, we are buyers and continue to be bullish on PALSONIFY's launch opportunity/trajectory.
