Rare Disease New Drug Stocks Plunge 12% on First Quarter Results

Crinetics Pharmaceuticals, Inc. (NASDAQ: CRNX) closed at $38.02 on the 8th, plunging 12.57% in a single session. Trading volume reached roughly 3.36 million shares, and the company’s market capitalization slipped to about $3.98 billion—wiping out approximately $440 million (around KRW 600 billion) in market value in one day.

In its first-quarter 2026 financial results, Crinetics reported total revenue of $10.73 million, of which $10.30 million came from sales of its rare-disease therapy PALSONIFY. The company posted a net loss of $128 million (approximately KRW 180 billion), a year-over-year increase in its deficit. Crinetics also guided full-year 2026 GAAP operating expenses of $600 million to $650 million. In April, PALSONIFY received European Commission approval for the treatment of adult acromegaly, securing the product’s entry into the European market following its U.S. launch.

Headquartered in San Diego, Crinetics Pharmaceuticals is a biotech firm focused on developing novel therapies for endocrine disorders and endocrine tumors, with particular expertise in small molecules targeting G protein–coupled receptors (GPCRs). PALSONIFY is the company’s first commercial product and the first once-daily oral therapy for adult acromegaly. Leveraging PALSONIFY’s success, Crinetics plans to expand its indication to conditions such as carcinoid syndrome and to further penetrate the rare endocrine-disease market through its pipeline, including the investigational agent atumepelant.