Sad To See This One Go....Downgrading to Neutral

Research evidence excerpt

Sad To See This One Go....Downgrading to Neutral

Biotechnology

Crinetics Pharmaceuticals Inc. (CRNX)

EQUITY RESEARCH Company Update

July 6, 2026

Sad To See This One Go....Downgrading to Neutral Price: $42.03

Rating: Neutral (From Overweight) This afternoon's announcement that VRTX (OW, Carter) is acquiring CRNX

Key Statistics: came as a big surprise - mostly due to the timing of the deal.

Symbol NSQ: CRNX

52-Week Range 25.83 - 57.99 ●The $10B acquisition marks the 4th $10B+ M&A deal of 2026 for

Market Cap 4,431.7 biopharma - tying the record set in 2023. ADV (3 mo) 1,228,902

Shares Out (M) 105.4

●It's also the 9th deal of the year valued >$5B - setting a new record as

M&A continues on its torrid pace. Research Analysts:

Josh Schimmer

310-282-6513 We've long believed that CRNX has one of the most compelling and

Josh.Schimmer@cantor.com undervalued pipelines in biotech. In addition to Palsonify which is launching

Alexa Deemer Conzola, MD for acromegaly (and in P3 for carcinoid syndrome), there's atumelnant in P3

212-610-2242 for CAH/Cushing's, as well as PTH and TSRH inhibitors headed to the clinic Alexa.Deemer@cantor.com

(and more).

REV ($M)

●We believe peak sales across these programs approaching $10B/ FYE Dec 2025A 2026E 2027E

1Q $0.4 $10.7A - yr is quite achievable. CRNX has identified sizeable unmet needs

2Q $1.0 $15.0E - in endocrinology where biology is highly predictive and competitive

3Q $0.1 $20.2E - dynamics are surprisingly limited. 4Q $6.1 $25.3E -

Year $7.7 $71.3E $211.0

The company is currently in a bit of a newsflow lull - most focus is on the EPS Palsonify launch, which is doing well in terms of patient starts but has been

FYE Dec 2025A 2026E 2027E sluggish in terms of revenue, as reimbursement dynamics have naturally 1Q $(1.04) $(1.23)A -