5 Best Mid-Cap Stocks That Could Double Your Money

2. Crinetics Pharmaceuticals Inc. (NASDAQ:CRNX)

Crinetics Pharmaceuticals Inc. (NASDAQ:CRNX) is one of the 10 best mid-cap stocks that could double your money. Based on consensus estimates, as of June 12, the stock offers more than 159% upside potential at the current level.

On June 11, Leerink analyst Joseph Schwartz maintained an Outperform rating on Crinetics Pharmaceuticals Inc. (NASDAQ:CRNX) following a regulatory setback for a potential rival company. Camurus received a complete response letter regarding its application for Oclaiz, a targeted treatment for acromegaly.

Camurus made it clear that observations from a September 2024 cGMP inspection at a third-party manufacturing site are the direct cause of this rejection. Notably, this marks the second such rejection for this specific application.

According to the analyst, Crinetics Pharmaceuticals will benefit greatly from this development. He explained that during the crucial initial phases of Palsonify’s commercial deployment, the complete response letter effectively prevents a potential rival from entering the U.S. market.

As a result, it won’t have to deal with pressure from a new branded competitor entering the acromegaly market. Additionally, this provides Crinetics with more time to aggressively build physician familiarity, enhance payer onboarding processes, and convert early patient interest.

Crinetics Pharmaceuticals Inc. (NASDAQ:CRNX) is engaged in developing and marketing innovative treatments for rare endocrine diseases and endocrine-related tumors. The company offers a range of therapies that are currently in different stages of clinical trials. These include Paltusotine, Atumelnant, CRN09682, oral GLP-1, and GIP nonpeptide.