** Brokerage Morgan Stanley starts coverage on drug developer Crinetics CRNX.O, which focuses on developing treatments for hormonal disorders, with "outperform" rating and a $70 PT

** PT represents a 2x upside to the stock's last close

** Brokerage sees several catalysts for CRNX this year, including a potential FDA approval of its lead drug, paltusotine, to treat a growth-hormone related condition called acromegaly

** Investors are also closely watching late-stage data from the drug to treat carcinoid syndrome, which causes symptoms from rare tumors, due this year

** "We think the late-stage results could give paltusotine significant market share in acromegaly and boost its prospects for carcinoid syndrome" — brokerage

** CRNX's other drug, atumelnant, is being developed to treat a rare genetic disorder and other conditions

** Brokerage says atulmelnant's "unique mechanism of action" increases its confidence in potential success of the late-stage trial, other treatments for the condition includes Crenessity by Neurocrine Biosciences NBIX.O

** Brokerage added: company is looking to disclose their obesity drug candidates in both peptide and non-peptide forms this year, alongside seeking trial approvals for four other drugs

** Stock has fallen 21.6% in the past 12 months

(Reporting by Padmanabhan Ananthan)

((Padmanabhan.Ananthan@thomsonreuters.com))