CRSP - 6 Words That Explain Why CRISPR Stock Isn't Soaring Despite the Recent FDA Approval for Its Gene-Editing Therapy
2023-12-21 08:30:00 ET
December has been a big month for CRISPR Therapeutics (NASDAQ: CRSP) . On Dec. 8, the Food and Drug Administration (FDA) granted approval for CRISPR's gene-editing therapy, Casgevy, as a treatment for sickle cell disease. It was a monumental decision as it also marked the first approval for a therapy utilizing the CRISPR/Cas9 gene-editing technology.
Despite this positive news, shares of CRISPR Therapeutics have stalled in December. In fact, the stock is down since the news of the approval, and month to date it has fallen by 10%. Why the stock isn't doing better could have to do with a simple saying on Wall Street.
There has been growing optimism this year that CRISPR Therapeutics' gene-editing therapy, which it has been developing with Vertex Pharmaceuticals , would inevitably obtain approval. And on Nov. 16, weeks before its approval in the U.S., CRISPR announced that Casgevy had received approval in the U.K. News of that approval sent the stock higher, and it likely led to rumors and excitement of it obtaining similar approval in the U.S.
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6 Words That Explain Why CRISPR Stock Isn't Soaring Despite the Recent FDA Approval for Its Gene-Editing Therapy