Crinetics Pharmaceuticals (NASDAQ:CRNX) witnessed a significant 66% surge in its stock price intra-day today following the announcement of positive trial results for its experimental treatment targeting a rare hormonal disease.

The San Diego-based company reported that its oral, once-daily drug, paltusotine, successfully met the primary and all secondary endpoints in a Phase 3 study, which was randomized and placebo-controlled.

Notably, 83% of patients treated with paltusotine maintained their growth-factor levels, a stark contrast to the 4% in the placebo group. This outcome exceeded the expectations of around 70% of patients maintaining stable growth-factor levels.