Benjamin Burnett, an analyst at Stifel, increased his price objective for CRISPR Therapeutics (NASDAQ: CRSP) to $69.00 (from $55.00) while keeping a Hold rating on the stock. Jay Olson, an analyst at Oppenheimer, reduced his price objective for CRISPR Therapeutics (NASDAQ: CRSP) on November 4, 2021, from $185.00 to $172.00 while keeping his Outperform rating.
An analyst observed: “After reporting results for the third quarter of fiscal year 21 (3Q21), CRSP said that they had earned $0.8M in sales and had $130M in operating expenses, finishing the quarter with around $2.5B in cash. Complete enrollment for CTX001 and the presentation of updated clinical data from the ongoing CTX110 Ph1 CARBON study in CD19+ B-cell malignancies are only two of CRSP’s recent significant accomplishments in the previous quarter.
Applying what was learned from CTX110, we may now anticipate 1H22 for the release of the first clinical updates from CTX120 and CTX130. In the next 18-24 months, CRSP plans to bring many in vivo projects into the clinic and launch a Phase 1/2 study for type 1 diabetes. Based on the new information, we anticipate that CTX001 will be released in 2024, and as a result, we have revised our price target to $172 (from $185).”
Its CRISPR/Cas9 technology is a gene-editing tool for making targeted alterations to DNA. The company’s therapeutic program portfolio includes treatments for rare illnesses, regenerative medicine, cancer, and hemoglobinopathies. For example, patient hematopoietic stem cells are manipulated to create high quantities of fetal hemoglobin in red blood cells in CTX001, the company’s flagship product candidate for treating patients with transfusion-dependent beta-thalassemia or severe sickle cell disease.
Additionally, the company is researching and developing CTX130, a donor-derived gene-edited allogeneic CAR-T therapy targeting Cluster of Differentiation 70 to treat a wide range of solid tumors.