2023-05-09 14:02:02 ET
Shares of CRISPR Therapeutics ( NASDAQ: CRSP ) gained ~13% on Tuesday to reach the highest level since October after the gene-editing company announced its Q1 2023 results along with an update on its clinical pipeline.
The Swiss biotech reported $100M revenue for Q1 beating expectations thanks mainly to collaboration revenue from its U.S. partner Vertex Pharmaceuticals ( VRTX ) ahead of a potential FDA review for the gene-editing therapy exa-cel.
Meanwhile, net loss narrowed ~70% YoY to $53.1M amid ~20% YoY and ~16% YoY decline in G&A and R&D expenses, respectively, while cash position held steady at ~$1.9B in the form of cash, cash equivalents, and marketable securities.
In April, CRISPR ( CRSP ) and Vertex ( VRTX ) completed regulatory submissions for a marketing application seeking the FDA priority review for exa-cel, targeted at sickle cell disease and transfusion-dependent beta-thalassemia.
“Moving forward, we anticipate the potential acceptance of these applications and potential priority review could mark the next near-term catalyst for shares,” Baird analyst Jack Allen wrote after the company’s Q1 update.
However, Allen reaffirmed the Neutral view and $46 per share target on the stock, arguing that substantial launch expectations for exa-cel could mean limited upside potential.
More on exa-cel
- CRISPR jumps 15% as Cantor issues bullish view citing exa-cel approval
- Crispr Therapeutics: Upside Likely Coming Now That Exa-Cel Is With FDA
For further details see:
CRISPR adds 13% to reach seven-month high after Q1 update