** Stifel initiates coverage on Crinetics Pharmaceuticals CRNX.O with "buy" rating; sets PT at $60

** Price target represents a 67% upside to the stock's last close wile median PT is $75.64 - LSEG data

** Brokerage sees a potential FDA approval of CRNX's lead drug, paltusotine, to treat a growth hormone-related condition called acromegaly as well as carcinoid syndrome, a set of symptoms caused by tumors that often develop in the digestive tract or lungs

** Estimates paltusotine to achieve $2 billion in combined peak sales

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

** Study data for atumelnant looks "highly promising" but overshadowed by transient liver damage signals, which remain hard to vet, though favorable regulatory actions seem positive - Stifel

** Fifteen of 16 brokerages rate the stock "buy" or higher, 1 "hold"

** Up to Monday's close, stock had fallen ~19% in the past 12 months

(Reporting by Siddhi Mahatole)

((siddhi.mahatole@thomsonreuters.com))