CRISPR Therapeutics (NASDAQ:CRSP) Price Target Lowered to $89.00 at Bank of America

CRISPR Therapeutics (NASDAQ:CRSP) had its price objective dropped by equities research analysts at Bank of America from $90.00 to $89.00 in a research note issued on Thursday,MarketScreener reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price target indicates a potential upside of 46.72% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price target on shares of CRISPR Therapeutics in a research note on Tuesday, December 23rd. Wedbush decreased their target price on CRISPR Therapeutics from $13.00 to $9.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 5th. Weiss Ratings restated a “sell (d-)” rating on shares of CRISPR Therapeutics in a report on Wednesday. Citizens Jmp reiterated a “market outperform” rating and set a $86.00 target price on shares of CRISPR Therapeutics in a research report on Tuesday, December 23rd. Finally, Wells Fargo & Company set a $75.00 price objective on shares of CRISPR Therapeutics in a research report on Monday, October 13th. Twelve equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, CRISPR Therapeutics presently has an average rating of “Hold” and an average target price of $68.15.

CRISPR Therapeutics Trading Up 10.8%

Shares of CRSP opened at $60.66 on Thursday. CRISPR Therapeutics has a 1-year low of $30.04 and a 1-year high of $78.48. The firm’s 50-day moving average price is $54.88 and its 200-day moving average price is $58.35. The firm has a market capitalization of $5.78 billion, a price-to-earnings ratio of -10.85 and a beta of 1.70.

CRISPR Therapeutics (NASDAQ:CRSP) last released its quarterly earnings results on Monday, November 10th. The company reported ($1.17) earnings per share for the quarter, beating the consensus estimate of ($1.32) by $0.15. CRISPR Therapeutics had a negative return on equity of 21.23% and a negative net margin of 1,273.70%.The company had revenue of $0.89 million for the quarter, compared to analyst estimates of $8.74 million. On average, research analysts forecast that CRISPR Therapeutics will post -5.16 EPS for the current fiscal year.

Insider Buying and Selling at CRISPR Therapeutics

In related news, CEO Samarth Kulkarni sold 60,000 shares of the stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $60.23, for a total value of $3,613,800.00. Following the transaction, the chief executive officer owned 134,201 shares of the company’s stock, valued at $8,082,926.23. This represents a 30.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of CRISPR Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Orbis Allan Gray Ltd grew its stake in CRISPR Therapeutics by 76.9% in the second quarter. Orbis Allan Gray Ltd now owns 2,764,532 shares of the company’s stock valued at $134,467,000 after purchasing an additional 1,201,600 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of CRISPR Therapeutics by 98.1% during the second quarter. Geode Capital Management LLC now owns 2,071,883 shares of the company’s stock valued at $100,789,000 after buying an additional 1,025,979 shares during the last quarter. SR One Capital Management LP increased its holdings in shares of CRISPR Therapeutics by 94.4% in the third quarter. SR One Capital Management LP now owns 2,038,763 shares of the company’s stock valued at $132,132,000 after purchasing an additional 989,812 shares during the period. State Street Corp raised its stake in shares of CRISPR Therapeutics by 35.6% in the second quarter. State Street Corp now owns 3,270,596 shares of the company’s stock worth $159,082,000 after purchasing an additional 859,334 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of CRISPR Therapeutics during the second quarter worth about $19,772,000. 69.20% of the stock is currently owned by institutional investors.

About CRISPR Therapeutics

CRISPR Therapeutics AG is a biopharmaceutical company specializing in the development of gene-editing therapies based on the CRISPR/Cas9 platform. The company applies its proprietary technology to modify genes in human cells, aiming to create durable treatments for a range of serious diseases. Its research and development efforts focus on both ex vivo and in vivo applications, enabling targeted correction or disruption of disease-causing genes.

Among its lead programs is CTX001, an ex vivo edited cell therapy designed to treat sickle cell disease and transfusion-dependent ?-thalassemia in collaboration with Vertex Pharmaceuticals.