Envestnet Portfolio Solutions Inc., a leading institutional investor, has made new investments in three pharmaceutical companies, further diversifying its investment portfolio.
In addition to the previously reported investments in Supernus Pharmaceuticals and Neurocrine Biosciences, Envestnet Portfolio Solutions Inc. has also acquired shares in Crinetics Pharmaceuticals [249e0f44].
Envestnet Portfolio Solutions Inc. purchased an undisclosed number of shares of Crinetics Pharmaceuticals, a company that recently reported positive results from its PATHFNDR-2 study. The study demonstrated an IGF-1 response rate that exceeds that of current injectable somatostatin receptor ligands (SRLs). The study also showed consistent response rates among patients who had previously been on SRLs, with an 80% responder rate. Treatment-naïve patients also showed a significant improvement in response rate compared to placebo. Crinetics' investigational drug, paltusotine, has shown rapid effectiveness, with IGF-1 reductions observed as early as two weeks into treatment. JMP Securities has increased its share price target for Crinetics Pharmaceuticals to $80 from $60, while maintaining a Market Outperform rating. JMP Securities predicts a high likelihood of approval for paltusotine and anticipates strong market performance, with peak worldwide sales estimated to reach $840 million [249e0f44].
Supernus Pharmaceuticals, another company in which Envestnet Portfolio Solutions Inc. has invested, reported earnings of $0.02 per share for the quarter, missing analysts' consensus estimates of $0.41. The company's revenue for the quarter was $164.30 million, down 1.8% compared to the same quarter last year. Supernus Pharmaceuticals focuses on the development and commercialization of products for the treatment of central nervous system diseases in the United States [b3194d07].
Neurocrine Biosciences, the third company in which Envestnet Portfolio Solutions Inc. has acquired shares, reported $1.44 EPS for the quarter, beating analysts' estimates. The company's products include INGREZZA, ALKINDI, Efmody, Orilissa, and Oriahnn. Institutional investors own 93.54% of the company's stock. Neurocrine Biosciences has a market capitalization of $13.07 billion and a P/E ratio of 54.26. The stock has a 52-week low of $89.04 and a 52-week high of $143.35. The company's revenue for the quarter was up 25.0% on a year-over-year basis. Neurocrine Biosciences is a pharmaceutical company that develops and markets drugs for neurological, neuroendocrine, and neuropsychiatric disorders [0df4b89c].