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Samarth Kulkarni, the Chief Executive Officer of CRISPR Therapeutics AG (NASDAQ:CRSP), recently sold a significant portion of his holdings in the company, according to a recent SEC filing. On February 18 and 19, Kulkarni sold a total of 18,568 common shares, generating proceeds of approximately $1,006,580. The stock, currently trading at $53.02, has shown significant momentum with a 20.6% return over the past week. According to InvestingPro analysis, the stock is currently trading above its Fair Value.
The transactions were executed in two separate sales. On February 18, Kulkarni sold 11,640 shares at an average price of $55.05, totaling $640,782. The following day, he sold an additional 6,928 shares at a price of $52.80, amounting to $365,798. These sales were conducted under a pre-established Rule 10b5-1 trading plan, which allows insiders to set up a predetermined schedule for selling stocks to avoid any allegations of insider trading. InvestingPro data shows the stock has been notably volatile, with prices ranging from $36.52 to $91.10 over the past 52 weeks.
After these transactions, Kulkarni retains direct ownership of 189,973 shares in the company. Additionally, he holds indirect ownership of 85,622 shares through The Kulkarni 2023 GRAT.
The sales were partly executed to cover tax obligations related to the vesting of restricted stock units (RSUs), which were initially granted in February 2022. As part of the company’s RSU Settlement Policy, certain shares were sold to fulfill tax withholding requirements, a mandatory action that does not reflect discretionary trading by Kulkarni.
Investors and market watchers will likely scrutinize these transactions closely, given Kulkarni’s role as CEO and the potential implications for CRISPR Therapeutics’ stock value.
In other recent news, CRISPR Therapeutics has been the focus of multiple analyst updates and projections. Evercore ISI upgraded the company’s stock from In Line to Outperform, raising the price target to $99, citing potential catalysts in CRISPR’s in vivo programs, CTX320 and CTX310. Citi, while maintaining a Buy rating, adjusted their price target to $82, emphasizing the company’s accelerating pipeline and the anticipated developments in 2025, particularly for in-vivo data and type 1 diabetes. Stifel, on the other hand, reduced their price target to $49, maintaining a Hold rating due to cautious expectations about the market uptake of Casgevy, CRISPR’s gene-editing therapy. TD Cowen upgraded the stock to Hold from Sell, maintaining a price target of $35, as they perceive reduced downside risk for the company’s shares.
CRISPR Therapeutics has reported growth in Casgevy cell collections, with over 50 new collections in the final weeks of the fourth quarter. Analysts at Evercore ISI highlighted the company’s strong cash position of $1.9 billion as a factor supporting its research and development activities. The upcoming data from CTX320 in the second quarter of 2025 is anticipated to coincide with a cardiovascular outcomes trial by Novartis (SIX:NOVN), potentially impacting CRISPR’s market position. Both Citi and Evercore ISI expressed optimism regarding CRISPR’s future developments, with Evercore noting that the company’s strategic direction could lead to significant advancements in gene editing. Meanwhile, Stifel highlighted the stringent safety requirements for in vivo gene editing treatments and the potential for these programs to shift the narrative beyond sickle cell disease.
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