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Noticias de CRNX
Eventos de CRNX
Vertex Pharmaceuticals Completes Acquisition of Crinetics for Approximately $10 Billion
Vertex Pharmaceuticals (VRTX) announced the successful completion of the acquisition of Crinetics Pharmaceuticals (CRNX). Vertex also announced the expansion of its executive leadership team. Vertex entered into a definitive agreement with Crinetics Pharmaceuticals, whereby Vertex would acquire Crinetics for a total equity value of approximately $10.0B, or approximately $8.8B net of estimated cash acquired, subject to certain closing conditions. The Crinetics acquisition adds to Vertex's innovation pipeline, accelerates revenue growth, and enhances the long-term earnings profile of the company. The acquisition brings Palsonify and atumelnant, in addition to several other pipeline programs. At peak, Palsonify and atumelnant have the potential to deliver more than $5B in combined annual revenue. The transaction is expected to become accretive to non-GAAP operating income in 2029.
Company Reports Q2 Revenue of $25.12M
Reports Q2 revenue $25.12M, consensus $14.87M. The company said, "Revenue for the quarter ended June 30, 2026 includes $24.0 million in net product revenue from the U.S. commercial launch of Palsonify, up from $10.3 million in net product revenue reported in the first quarter of 2026."
TD Cowen Downgrades Crinetics to Hold
TD Cowen analyst Tyler Van Buren downgraded Crinetics (CRNX) to Hold from Buy with no price target after Vertex Pharmaceuticals (VRTX) announced an agreement to acquire the the company for $85 per share in cash. Given the "impressive" 102% premium, the firm expects the deal to close Q3 and adds that Vertex "will receive one of the most robust endocrine pipelines."
Nasdaq Retreats Amid Chip Sector Declines
Stock indexes retreated amid losses for the heavyweight chip sector, making the Nasdaq the laggard, while the Dow pulled back from a record high reached in morning trading. Memory producers sank even though Samsung posted a 19-fold surge in profit last quarter. The surge was in line with the sector's rally this year, but markets appear to be growing increasingly skeptical on whether AI hyperscalers can justify elevated levels of capital expenditure on infrastructure. Yields edged higher after attacks on an LNG tanker in the Middle East tempered hopes of lower energy inflation.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. v1. STOCK NEWS:Walmartsaid it would cut prices on many summer staplesfrom President Trump saying the retail giant was doing so at his requestChina's DeepSeek is developing its own AI chip in a push to reduce reliance on Nvidiaand Huawei chips,Vertex Pharmaceuticalsto acquire Crinetics Pharmaceuticalsfor $85 per share in cash, for a total equity value of approximately $10BSamsung Electronicsreported, but the AI-fueled earnings still failed to meet high investor expectationsMetadebuted its, saying it will help power image generation in Meta Advantage+ creative "in the coming weeks"2. WALL STREET CALLS:Wall Streetof SpaceX, including Raymond James starting the stock with a Strong Buy rating and $800 price targetScotiabankCloudflareto OutperformBofAAdobeat Underperform with a $190 price target, down from the Buy rating the firm previously heldDeutsche BankFirst Solarto BuyMelius ResearchAmerican Airlinesto Hold3. AROUND THE WEB:Big banks have held talks in recent months to buy a card network owned by Fiserv, Reuters and WSJ reportMicrosoftwill replace OpenAI and Anthropic with its own AI in some apps, Bloomberg saysMetasaid four states are seeking $1.4T in penalties over accusations it designed its social media platforms to addict young users and misled the public on their safety, Reuters reportsAmazonis seeking to raise at least $25B through a U.S. dollar bond sale to fund investments in artificial intelligence infrastructure, Bloomberg reportsPresident Trump is expected to support a potential sale of Lockheed Martin'sF-35 Lightning II jets to Turkey during a visit to Ankara, Reuters says4. MOVERS:Digital Oceangained afterit expects Q2 RPO to exceed $800MRedwood Trustwas higher after highlightingFigmaincreased after BofAcoverage with a Buy ratingRivianwas lower after75M shares of stockUnited States Antimonyfell after announcing the5. EARNINGS/GUIDANCE:Interactive Strengthraised itsCosmos HealthreportedShellissued anAbbVieprovided itsand cut its guidance for FY26Sealsqreportedand backed its guidance for FY26INDEXES:The Dow fell 130.76, or 0.25%, to 52,925.15, the Nasdaq lost 302.47, or 1.16%, to 25,818.69, and the S&P 500 declined 33.58, or 0.45%, to 7,503.85.
Citizens Analyst Downgrades Crinetics to Market Perform After $85 Acquisition by Vertex Pharmaceuticals
Citizens analyst Jonathan Wolleben downgraded Crinetics (CRNX) to Market Perform from Outperform after Vertex Pharmaceuticals (VRTX) agreed to acquire the company for $85 per share in cash.
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