CRISPR Therapeutics (NASDAQ:CRSP) Trading Up 9% – Here’s Why

CRISPR Therapeutics AG (NASDAQ:CRSP) was up 9% during mid-day trading on Thursday . The stock traded as high as $55.69 and last traded at $56.7750. Approximately 258,932 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 1,826,694 shares. The stock had previously closed at $52.08.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Truist Financial raised shares of CRISPR Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Morgan Stanley reaffirmed an “underweight” rating and issued a $33.00 price target on shares of CRISPR Therapeutics in a report on Tuesday, February 17th. Sanford C. Bernstein upped their price target on shares of CRISPR Therapeutics from $50.00 to $56.00 and gave the company a “market perform” rating in a report on Wednesday, May 13th. TD Cowen raised their price target on CRISPR Therapeutics from $40.00 to $45.00 and gave the stock a “hold” rating in a research report on Friday, February 13th. Finally, Wall Street Zen raised CRISPR Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $65.47.

CRISPR Therapeutics Stock Up 11.2%

The company has a quick ratio of 17.96, a current ratio of 17.97 and a debt-to-equity ratio of 0.32. The firm has a market cap of $5.58 billion, a PE ratio of -9.29 and a beta of 1.74. The firm’s 50 day moving average is $51.73 and its 200-day moving average is $53.12.

CRISPR Therapeutics (NASDAQ:CRSP) last announced its quarterly earnings data on Tuesday, March 31st. The company reported ($1.28) earnings per share (EPS) for the quarter. The firm had revenue of $1.46 million for the quarter. CRISPR Therapeutics had a negative net margin of 13,856.54% and a negative return on equity of 25.66%. As a group, equities research analysts expect that CRISPR Therapeutics AG will post -4.91 earnings per share for the current fiscal year.

Insider Activity at CRISPR Therapeutics

In related news, insider Naimish Patel sold 3,786 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $55.62, for a total transaction of $210,577.32. Following the transaction, the insider owned 19,357 shares of the company’s stock, valued at approximately $1,076,636.34. This represents a 16.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel James R. Kasinger sold 3,450 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $48.26, for a total transaction of $166,497.00. Following the transaction, the general counsel directly owned 91,240 shares in the company, valued at $4,403,242.40. The trade was a 3.64% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 46,535 shares of company stock valued at $2,311,300. Company insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On CRISPR Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the company. ARK Investment Management LLC raised its stake in CRISPR Therapeutics by 7.5% during the fourth quarter. ARK Investment Management LLC now owns 10,522,057 shares of the company’s stock worth $551,777,000 after purchasing an additional 735,084 shares during the period. Orbis Allan Gray Ltd raised its stake in CRISPR Therapeutics by 19.4% during the fourth quarter. Orbis Allan Gray Ltd now owns 5,950,145 shares of the company’s stock worth $312,026,000 after purchasing an additional 968,060 shares during the period. Capital International Investors raised its stake in CRISPR Therapeutics by 4.3% during the fourth quarter. Capital International Investors now owns 5,892,745 shares of the company’s stock worth $309,016,000 after purchasing an additional 243,487 shares during the period. State Street Corp raised its stake in CRISPR Therapeutics by 35.6% during the second quarter. State Street Corp now owns 3,270,596 shares of the company’s stock worth $159,082,000 after purchasing an additional 859,334 shares during the period. Finally, GSK plc purchased a new stake in CRISPR Therapeutics during the fourth quarter valued at about $168,890,000. Hedge funds and other institutional investors own 69.20% of the company’s stock.

About CRISPR Therapeutics

CRISPR Therapeutics AG is a biopharmaceutical company specializing in the development of gene-editing therapies based on the CRISPR/Cas9 platform. The company applies its proprietary technology to modify genes in human cells, aiming to create durable treatments for a range of serious diseases. Its research and development efforts focus on both ex vivo and in vivo applications, enabling targeted correction or disruption of disease-causing genes.

Among its lead programs is CTX001, an ex vivo edited cell therapy designed to treat sickle cell disease and transfusion-dependent β-thalassemia in collaboration with Vertex Pharmaceuticals.