Jefferies downgraded Crinetics (CRNX) to Hold from Buy with a price target of $85, up from $55, after the company announced it will be acquired by Vertex Pharmaceuticals (VRTX) for $85 per share. The firm, which calls the deal "a solid outcome" for Crinetics, sees limited FTC risk given minimal overlap between Vertex's portfolio and Crinetics' rare endocrinology franchise.
