US Stock Market Move | Crinetics(CRNX.US) surged 23% in early trading as FDA approved its treatment for growth hormone disorders.

On Friday, Crinetics (CRNX.US) surged 23% in early trading, hitting an 8-month high of $44.30. On the news front, the FDA had previously approved its drug for the treatment of acromegaly, a rare disease that causes excess production of growth hormone in the body. The drug, named Palsonify, is a once-daily oral therapy, and the company expects it to be launched in the United States in early October. The approval was based on data from two Phase III trials, which showed good tolerability of the drug and resulted in rapid and consistent biochemical control and symptom relief.