CRSP - Here's Why CRISPR Therapeutics Stock Climbed 34% in February
2024-03-05 18:53:38 ET
CRISPR Therapeutics (NASDAQ: CRSP) was a standout in the market last month as its shares charged 34% higher, according to data provided by S&P Global Market Intelligence . The biotech stock sustained its momentum from prior months with a strong quarterly report and encouraging news from regulators.
There wasn't any transformative news out of CRISPR Therapeutics last month. Instead, the company sustained the excitement generated by important regulatory approvals over the past few months. A string of modestly positive news items kept the stock ticking steadily higher throughout February.
Mid-month, CRISPR announced that it had received clearance from the European Commission for its first product, Casgevy, as a treatment for sickle cell disease and transfusion-dependent beta-thalassemia. This was a significant positive development, but investors had largely taken it for granted in the wake of approvals by the U.K.'s health regulator and the U.S. Food and Drug Administration. It was a major win, but given its high likelihood, it should have been reflected in the company's valuation already.
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Here's Why CRISPR Therapeutics Stock Climbed 34% in February