UPDATE: Citi Upgrades CRISPR Therapeutics (CRSP) to Neutral

June 13, 2021 7:52 PM EDT
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Price: $122.27 -2%

Rating Summary:
    13 Buy, 7 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
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(Updated - June 14, 2021 2:54 AM EDT)

Citi analyst Yigal Nochomovitz upgraded CRISPR Therapeutics (NASDAQ: CRSP) from Sell to Neutral with a price target of $132.00 (from $55.00).

The analyst comments "Last year we outlined three specific reasons (see The View from a Skeptic – Reiterating Sell) why we believed that durability of fetal hemoglobin (HbF) increases for CTX001 in both sickle-cell and beta-thalassemia would not be sustainable over time, thereby placing CRSP’s objective of developing a one-time therapy for both diseases in jeopardy. We have been waiting for the other shoe to drop on durability and have hesitated to conclude that our thesis is being proven wrong. However, with today’s data in more patients and with meaningful follow-up (up to 26 months), it is becoming increasingly clear to us that CTX001 is demonstrating consistent durable increases in HbF that are yielding prolonged therapeutic benefit on transfusion independence in beta-thalassemia and freedom from VOCs in sickle-cell. We are therefore upwardly revising our valuation assumptions to reflect lower risk to future revenues, which takes our target to $132 and we’re upgrading to Neutral."

For an analyst ratings summary and ratings history on CRISPR Therapeutics click here. For more ratings news on CRISPR Therapeutics click here.

Shares of CRISPR Therapeutics closed at $123.71 yesterday.

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