We just covered Billionaire Tom Steyer’s 10 Stock Picks with Huge Upside Potential and Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) ranks 6th on this list.
Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) first appeared in the 13F portfolio of Farallon Capital in the third quarter of 2018. Back then, this position comprised over 141,000 shares. By early 2019, however, this stake had been sold off completely. A new position in the stock was then opened in the third quarter of 2023. This was also sold off within months. The latest stake was disclosed in filings for the second quarter of 2024. This comprised just under 500,000 shares. The fund has steadily added to this position since then. Filings for the fourth quarter of 2025 show that the fund owned just under 7 million shares in the firm, up 20% compared to filings for the previous quarter.
The primary catalyst for Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) is the global launch of PALSONIFY, the first once-daily oral treatment for acromegaly. Earlier this month, Crinetics received European Commission approval, following its earlier US FDA clearance. This makes it the only oral alternative to the painful, monthly somatostatin analogue injections that currently dominate the market. Hedge funds are betting on rapid adoption. Early data shows a 5% adoption rate within just months of launch, with analysts projecting 2026 revenues to hit $62 million, significantly higher than original consensus estimates.
While we acknowledge the potential of CRNX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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