Jefferies has upgraded Crinetics Pharmaceuticals (NASDAQ:CRNX) to buy, citing a recent pullback in the stock on investor concerns about Phase 2 data for the company's drug atumelnant in the treatment of congenital adrenal hyperplasia,

Jefferies analyst Dennis Ding upgraded Crinetics (CRNX) to Buy from Hold with an unchanged price target of $55. The firm cites the pullback in

Crinetics Pharmaceuticals Inc (CRNX) stock saw a decline, ending the day at $40.59 which represents a decrease of $-7.91 or -16.31% from the prior close of $48.5. The stock opened at $46.64 and touched a low of $40.

Jefferies upgraded Crinetics Pharmaceuticals stock, moving the rating from Hold to Buy, while maintaining a price target of $55.00. The decision follows a notable decline in share price from $60 to current levels around $38.