** Brokerage Piper Sandler says the FDA’s refusal to approve Swedish drugmaker Camurus’ CAMX.ST Oclaiz for a rare hormone disorder is likely to give Crinetics CRNX.O more time to build out Palsonify’s U.S. launch

** Palsonify was approved by the FDA to treat acromegaly in September last year

** Acromegaly is a rare condition in which the pituitary gland in the brain produces excess growth hormone, causing abnormal organ, bone and tissue growth

** Camurus' drug is approved in the UK and EU under the brand name Oczyesa

** The FDA declined to approve the drug citing unresolved issues at a third-party manufacturing site, rather than safety or efficacy concerns

** Piper says resolving the manufacturing deficiencies should enable a straightforward path to refiling the marketing application

** "We continue to think Palsonify is instilled with clear blockbuster potential as it continues to mature into launch through 2026" - Piper Sandler

** As of last close, CRNX stock was down 26.3% YTD