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On Friday, Citi analysts adjusted their outlook on CRISPR Therapeutics (NASDAQ:CRSP) stock, reducing the price target to $82 from $89 while maintaining a Buy rating. The stock, which has shown significant volatility with a beta of 1.67, has recently demonstrated strong momentum with a 9.5% gain over the past week. According to InvestingPro data, analyst targets for the stock range from $32 to $268, reflecting diverse views on its potential. The firm's analysis highlights the progress of Casgevy, noting that over 50 treatment centers have been activated globally, an increase from 45 in the previous quarter. Despite this expansion, only approximately five patients have been treated since the drug's launch, with the split between sickle cell disease (SCD) and beta-thalassemia (B-thal) patients not disclosed.
The analysts at Citi are directing investors' attention to CRISPR Therapeutics' accelerating pipeline, emphasizing that 2025 is anticipated to be a year rich in catalysts. With a strong financial position highlighted by InvestingPro analysis showing more cash than debt and a healthy current ratio of 22.07, the company appears well-positioned to advance its development programs. These include the expected initial in-vivo data for Lp(a) and ANGPTL3 in the first half of 2025, which is garnering interest ahead of a competitor's readout in the same period the following year. Additionally, a data update on C-peptide for CTX211 in type 1 diabetes (T1D) is anticipated in 2025. Mid-2025 is also set to bring a regulatory update for CTX112 in B-cell malignancies and systemic lupus erythematosus (SLE), and clinical entry for programs targeting AGT/ALAS1 for acute hepatic porphyria (AHP) is expected in the second half of 2025.
The analysts point out that CRISPR Therapeutics' stock is currently trading at a value that reflects only its cash position, approximately $23 per share, and an enterprise value (EV) of just around $20 per share. While the company currently operates at a loss with an EBITDA of -$447.31M, InvestingPro analysis reveals additional insights through its comprehensive Pro Research Report, available for over 1,400 US stocks, which helps investors make more informed decisions about biotechnology investments. This valuation, according to Citi, does not adequately credit Casgevy or the company's developmental pipeline. They suggest that key developments in 2025, particularly regarding in-vivo and T1D data, should lead to a re-rating of the stock.
In summary, Citi's revised price target reflects a tempered but still optimistic view of CRISPR Therapeutics' potential, considering both the current market performance of Casgevy and the anticipated progress of the company's broader pipeline.
In other recent news, CRISPR Therapeutics reported a narrower-than-expected loss for the fourth quarter of 2024, with revenue surpassing analyst estimates. The company posted a loss of $0.44 per share, significantly better than the $1.23 loss per share anticipated by analysts. Revenue was reported at $35.69 million, well above the consensus estimate of $7.63 million. These recent developments highlight a strong financial performance by the company.
In the realm of stock ratings, Evercore ISI upgraded CRISPR Therapeutics from an In Line rating to an Outperform rating, increasing the price target to $99. This upgrade was driven by the potential of in vivo programs CTX320 and CTX310. However, Stifel analysts maintained a Hold rating and reduced the price target to $49, reflecting a cautious stance on the market uptake of Casgevy, the company's gene-editing therapy. TD Cowen also revised its rating from Sell to Hold, while keeping the price target at $35.00, indicating reduced downside risk for the company's shares.
In terms of pipeline developments, CRISPR Therapeutics reported progress with its CASGEVY gene therapy for sickle cell disease and beta thalassemia. The company anticipates key updates in 2025 for its lead in vivo cardiovascular programs and its CTX112 candidate in oncology and autoimmune diseases. The company's strong cash position of $1.9 billion supports its robust research and development activities.
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