Stifel Downgrades Crinetics (CRNX) to Hold
Stifel analyst Alex Thompson downgraded Crinetics (NASDAQ: CRNX) from Buy to Hold with a price target of $85.00 (from $83.00).
The analyst comments "We are downgrading CRNX to Hold from Buy and raising our target price to $85 from $83 following the proposed acquisition by VRTX (Hold, $522.25, covered by our colleague Paul Matteis) for ~$85/share (~$10B), announced earlier this week. As described in our previous note on the deal (LINK), we consider this to be a great outcome for CRNX/ shareholders. We see a high probability of the deal closing due to the lack of any clear overlap with VRTX's current pipeline--close expected in 3Q26. Notably, we view this deal as validating to our broader thesis that specialty endocrinology markets like Acromegaly, Carcinoid, CAH and others represent meaningful white space opportunities with a path for disruption via novel targeted therapies. To that end, we think this deal has positive readthrough to covered companies ASND, SEPN, VRDN, and IMVT among others. We think that indications like hypoparathyroidism and TED/Graves' represent attractive specialty endocrinology markets."
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Shares of Crinetics closed at $83.53 yesterday.