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Investing.com -- CRISPR Therapeutics (NASDAQ: CRSP) stock climbed 7% after receiving an upgrade from Evercore ISI, shifting from an In Line rating to Outperform. The biotechnology company, known for its CRISPR/Cas9 gene-editing platform, has experienced a significant 40% decline in its stock value over the past year alone, and it has fallen to $43.50 from a peak of $220 in 2021. However, analysts are now seeing a potential upside of over 100% for the stock.
Evercore ISI analyst Liisa Bayko raised the price target for CRISPR Therapeutics from $60.00 to $99.00. Bayko's optimism is driven by upcoming catalysts that could mark a new chapter for the company. The updated price target incorporates the prospects of in vivo programs CTX320 and CTX310, with assigned probabilities of success at 10% and 5%, respectively, and includes risk-adjusted discounts to each program alongside the company's strong cash position of $1.9 billion.
The company's pipeline includes CTX320, which is expected to impact atherosclerotic cardiovascular disease (ASCVD) by targeting lipoprotein(a), a factor unresponsive to lifestyle changes or lipid-lowering agents. Analysts are anticipating data from CTX320 in the second quarter of 2025, which could coincide with a boost from Novartis (SIX:NOVN)'s cardiovascular outcomes trial (CVOT) for pelacarsen. Other developments include updates from the second-generation CAR-T therapy CTX112 in mid-2025, initial data for CTX112 in autoimmune diseases like systemic lupus erythematosus (SLE), and progress with CTX131 and CTX221 in various malignancies and type 1 diabetes, respectively.
CRISPR Therapeutics also reported growth in Casgevy cell collections, with over 50 new collections in the final nine weeks of the fourth quarter, up from approximately 40 at the end of October. The company guides to continued strong growth in cell collections throughout 2025. The combination of in-house manufacturing capabilities and a cash reserve of $1.9 billion supports the company's robust research and development activities.
Bayko commented on the company's outlook, stating, "We are upgrading CRSP ahead of key catalysts that could usher in a new era for CRSP (details in our OUTLOOK inside). Our $99 PT includes the addition of in vivo programs CTX320 + CTX310, with 10% and 5% POS, respectively, 8% discount rate, on top of risk adjusted discounts to each program & 1.9B cash." This positive outlook from analysts appears to be a driving factor behind the stock's upward movement in the trading session.
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