CRISPR Therapeutics (NASDAQ:CRSP) Shares Gap Up After Better-Than-Expected Earnings

CRISPR Therapeutics AG (NASDAQ:CRSP)’s stock price gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $39.62, but opened at $40.67. CRISPR Therapeutics shares last traded at $43.17, with a volume of 1,429,207 shares changing hands.

The company reported ($0.44) EPS for the quarter, beating the consensus estimate of ($1.15) by $0.71. CRISPR Therapeutics had a negative net margin of 118.13% and a negative return on equity of 12.15%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. HC Wainwright assumed coverage on CRISPR Therapeutics in a research report on Monday, February 3rd. They set a “buy” rating and a $65.00 price target for the company. Bank of America cut their target price on shares of CRISPR Therapeutics from $98.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Truist Financial increased their price target on shares of CRISPR Therapeutics from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday. TD Cowen raised shares of CRISPR Therapeutics from a “sell” rating to a “hold” rating and set a $35.00 price objective for the company in a report on Wednesday. Finally, Needham & Company LLC reissued a “buy” rating and set a $84.00 target price on shares of CRISPR Therapeutics in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $76.11.

Insider Buying and Selling

In other CRISPR Therapeutics news, CEO Samarth Kulkarni sold 15,000 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $55.10, for a total value of $826,500.00. Following the completion of the sale, the chief executive officer now directly owns 181,540 shares in the company, valued at $10,002,854. This represents a 7.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CRISPR Therapeutics

A number of hedge funds have recently modified their holdings of CRSP. Sanctuary Advisors LLC acquired a new position in CRISPR Therapeutics in the 2nd quarter valued at about $381,000. Exchange Traded Concepts LLC lifted its holdings in CRISPR Therapeutics by 22.8% in the third quarter. Exchange Traded Concepts LLC now owns 19,192 shares of the company’s stock valued at $902,000 after acquiring an additional 3,563 shares during the last quarter. Vontobel Holding Ltd. grew its position in CRISPR Therapeutics by 3.7% in the third quarter. Vontobel Holding Ltd. now owns 16,957 shares of the company’s stock worth $797,000 after acquiring an additional 600 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in CRISPR Therapeutics by 56.4% during the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 13,617 shares of the company’s stock worth $640,000 after acquiring an additional 4,909 shares during the last quarter. Finally, nVerses Capital LLC acquired a new stake in CRISPR Therapeutics during the third quarter worth $258,000. Hedge funds and other institutional investors own 69.20% of the company’s stock.

CRISPR Therapeutics Stock Up 9.3 %

The company has a market cap of $3.70 billion, a PE ratio of -15.30 and a beta of 1.67. The stock has a 50-day simple moving average of $42.06 and a 200 day simple moving average of $46.25.

About CRISPR Therapeutics

CRISPR Therapeutics is a gene-editing company focused on developing transformative gene-based medicines for serious diseases using its proprietary CRISPR/Cas9 platform. CRISPR/Cas9 is a revolutionary gene-editing technology that allows for precise, directed changes to genomic DNA. CRISPR Therapeutics has established a portfolio of therapeutic programs across a broad range of disease areas including hemoglobinopathies, oncology, regenerative medicine and rare diseases.