05:58 PM EDT, 03/12/2024 (MT Newswires) -- Crinetics Pharmaceuticals ( CRNX ) was 2% higher in after-hours trading Tuesday, after reporting positive topline results from phase 2 trial of its paltusotine drug candidate in patients with carcinoid syndrome.

Carcinoid syndrome is a rare disorder marked by neuroendocrine tumors secreting chemicals into the bloodstream and causing frequent diarrhea, difficulty breathing and rapid heartbeats, among other symptoms.

Patients in the trial treated with paltusotine experienced reductions in the frequency, urgency and severity of their bowel movements within two weeks of starting the trial. Paltusotine also was generally well-tolerated with no severe or serious adverse events.

Crinetics plans to consult with the US Food and Drug Administration and begin phase 3 trial by the end of the year.

Price: 41.58, Change: +0.83, Percent Change: +2.04