CRISPR Therapeutics (CRSP) PT Lowered to $101 at Stifel

October 13, 2021 6:33 AM EDT
Get Alerts CRSP Hot Sheet
Price: $97.06 -1.33%

Rating Summary:
    14 Buy, 7 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 5 | Down: 12 | New: 29
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Stifel analyst Benjamin J. Burnett lowered the price target on CRISPR Therapeutics (NASDAQ: CRSP) to $101.00 (from $139.00) while maintaining a Hold rating.

The analyst commented, "We are reiterating our Hold rating on CRSP following additional CTX110 (CD19 allo-CAR-T) data which was below expectations and leads us to be more skeptical of the company's b2m-knockout strategy, and their oncology pipeline more broadly. Heading into the update, we were skeptical that the b2m-knockout strategy would be sufficient to avoid acute rejection by the patient's immune system, and despite what looks like great expansion, we think CTX110 suffers from poor persistence. Management is now focused on a 2-dose strategy (i.e. consolidation dosing), and we now expect the stock debate to center around the likelihood that this will improve durability. Theoretically it seems possible, though the little multi-dose data that we have doesn't give us enough confidence to build a thesis around this. Rather, we now view all assets that utilize the b2m-knockout as riskier; lowering our POS, along with other model adjustments, decreases our target price to $101/share."

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