Crinetics Pharmaceuticals Inc. shares advanced to an all-time high of $84.80 on Monday, extending a 181.75% gain over the past 12 months as merger expectations with Vertex Pharmaceuticals fueled investor interest.
The company’s market capitalization reached approximately $9 billion, supported by a sharp acceleration in revenue. Total revenue for the second quarter of 2026 rose to $25.1 million, up from $10.3 million in the prior quarter and $5.4 million in the three months ended December 2025. Product revenue contributed $24.0 million of the total, while collaboration and license revenue added $1.1 million.
The proposed $10 billion acquisition by Vertex Pharmaceuticals remains on track for a third-quarter 2026 closing, following the expiration of the U.S. Hart-Scott-Rodino waiting period and antitrust clearances in Austria, Germany, and Australia. The Australian regulatory review is slated to conclude later in 2026.
Analysts adjusted price targets after the rally. UBS downgraded Crinetics to Neutral from Buy while lifting its target to $85.00 from $55.00. Stifel cut its rating to Hold from Buy and raised its target to $85 from $83, while Jones Trading also downgraded the stock to Hold from Buy.
Crinetics’ shares have climbed steadily since early 2025, coinciding with the announcement of the Vertex deal and the company’s rapid revenue expansion.
