CRSP Stock Erases Its Bullish Gains Despite Notching Its First Profit In 10 Quarters


Crispr Therapeutics (CRSP) reported its first profit in 10 quarters on Wednesday, and CRSP stock popped before sinking into the red.




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This is the company’s first earnings report following the historic approval of Casgevy, its gene-edited treatment for sickle cell disease and beta thalassemia.

Crispr hasn’t yet notched any sales of Casgevy — a lengthy process that involves first eliminating a patient’s stem cells — but the profits are rolling in. During the quarter ended Dec. 31, Crispr earned $1.10 per share, flipping from a year-earlier loss of $1.41. That also beat forecasts for a 7-cent gain.

In morning trading on today’s stock market, CRSP stock was last up a fraction at 79.33, sliding back from premarket gains. Shares broke out of a cup base with a buy point at 76.97 on Feb. 14, according to MarketSmith.com. Shares of partner Vertex Pharmaceuticals (VRTX) crept a fraction higher to 421.37.

What’s Next For CRSP Stock?

Fourth-quarter revenue also topped projections at $201.2 million. That consisted of $200 million in collaboration revenue and $1.21 billion in grant revenue. Analysts called for a lower $140.9 million.

Now that Crispr and Vertex are working to commercialize Casgevy, investors are watching Crispr’s earlier-stage pipeline efforts more closely. Chief Executive Samarth Kulkarni said Crispr began testing two treatment for cardiovascular diseases in people last year.

Further, the company is testing cancer treatments “which have the potential to be best-in-class cell therapies for the treatment of both liquid and solid tumors,” he said in a written statement. He sees the next 12 to 18 months as being particularly “catalyst-rich” for the company.

CRSP stock has a promising Composite Rating of 92 out of a best-possible 99, according to IBD Digital. This means shares rank in the top 8% of all stocks when it comes to fundamental and technical measures.

Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.

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Read More: CRSP Stock Erases Its Bullish Gains Despite Notching Its First Profit In 10 Quarters

2024-02-21 15:15:00

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