Jan. 5 at 3:22 PM
Stifel reiterated
$CRNX Buy-
$75 and said, CRNX reported solid updates across the Palsonify and atumelnant franchises.
$NBIX $CORT $SRRK $NVS
Stifel additionally said, On atumelnant, Cohort 4 and OLE data from the Ph2 CAH study yielded clean safety and supportive evidence for the ongoing Ph3 adult study which features a primary endpoint of both A4 normalization and achievement of physiologic GC doses. Cohort 4 achieved a 67% A4 reduction, in-line with the prior 80mg cohort (70%) despite morning dosing and GC titration. Additionally, patients in the OLE maintained A4 reductions despite GC titration out to at least week 12.
Bottom line, Ns are small (8 Cohort 4, 7 OLE), but overall the data support the Ph3 thesis: 2/8 cohort 4 patients achieved both A4 and GC control per management with pre-morning GC A4 measurement (higher bar vs. postGC Ph3 measure).
On Palsonify, the 4Q25 pre-report featured a beat >
$5MM vs.
$3MM and >200 PSFs which should drive 2026 consensus higher, in our view.
