Crinetics Pharmaceuticals Inc. shares surged to an all-time high of $84.80 on Monday, extending a 181.75% gain over the past year as investors bet on the near-term completion of Vertex Pharmaceuticals’ $10 billion acquisition.
The biotech firm’s market capitalization approached $9 billion, reflecting the rally that has accompanied Vertex’s planned takeover. The deal, valued at roughly $10 billion, is expected to close in the third quarter of 2026, pending regulatory approvals.
Vertex’s offer for Crinetics, which has faced antitrust scrutiny, remains on track after the Australian competition authority’s waiting period is set to expire later this year. The Hart-Scott-Rodino review process in the U.S. has also progressed without reported delays.
Crinetics posted net product revenue of $24.0 million in the second quarter of 2026, up from $10.3 million in the prior quarter and $5.4 million in the final three months of 2025. Total revenue reached $25.1 million, including $1.1 million from collaboration and license agreements.
Analysts have adjusted their outlooks ahead of the merger. UBS downgraded Crinetics to Neutral from Buy and raised its price target to $85.00 from $55.00. Stifel cut its rating to Hold from Buy and set a target of $85, while Jones Trading downgraded the stock to Hold from Buy. The stock last traded at $84.80, aligning closely with UBS’s new target.
