CRISPR Therapeutics (NASDAQ:CRSP) Announces Quarterly Earnings Results

CRISPR Therapeutics (NASDAQ:CRSP) issued its quarterly earnings data on Monday. The company reported ($1.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.32) by $0.15, Zacks reports. CRISPR Therapeutics had a negative return on equity of 20.05% and a negative net margin of 1,229.43%.The firm had revenue of $0.89 million for the quarter, compared to analyst estimates of $8.74 million.

CRISPR Therapeutics Stock Performance

Shares of CRISPR Therapeutics stock traded down $0.50 during midday trading on Monday, hitting $54.62. The company had a trading volume of 2,118,717 shares, compared to its average volume of 2,558,062. CRISPR Therapeutics has a 52-week low of $30.04 and a 52-week high of $78.48. The stock has a market capitalization of $4.97 billion, a P/E ratio of -10.06 and a beta of 1.89. The company has a 50 day moving average of $62.93 and a 200 day moving average of $53.22.

Analysts Set New Price Targets

CRSP has been the subject of a number of research analyst reports. Chardan Capital reaffirmed a “buy” rating and issued a $82.00 price target on shares of CRISPR Therapeutics in a research note on Tuesday, August 5th. JPMorgan Chase & Co. initiated coverage on shares of CRISPR Therapeutics in a research report on Thursday, September 18th. They issued an “overweight” rating and a $70.00 target price for the company. Wells Fargo & Company set a $75.00 target price on shares of CRISPR Therapeutics in a research note on Monday, October 13th. Barclays raised their price objective on shares of CRISPR Therapeutics from $42.00 to $56.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 6th. Finally, Needham & Company LLC decreased their target price on CRISPR Therapeutics from $81.00 to $80.00 and set a “buy” rating for the company in a research report on Monday. Eleven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $69.00.

Insider Buying and Selling at CRISPR Therapeutics

In other news, General Counsel James R. Kasinger sold 1,076 shares of the stock in a transaction on Tuesday, October 14th. The stock was sold at an average price of $66.60, for a total value of $71,661.60. Following the sale, the general counsel directly owned 83,402 shares of the company’s stock, valued at approximately $5,554,573.20. This represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Samarth Kulkarni sold 50,895 shares of CRISPR Therapeutics stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $67.91, for a total value of $3,456,279.45. Following the completion of the transaction, the chief executive officer directly owned 254,201 shares of the company’s stock, valued at approximately $17,262,789.91. This represents a 16.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 56,213 shares of company stock worth $3,810,458 over the last three months. Corporate insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On CRISPR Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the company. Orbis Allan Gray Ltd boosted its position 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 worth $134,467,000 after purchasing an additional 1,201,600 shares during the last quarter. State Street Corp boosted its holdings 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 buying an additional 859,334 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in CRISPR Therapeutics by 20.2% during the second quarter. Ameriprise Financial Inc. now owns 262,089 shares of the company’s stock valued at $12,748,000 after buying an additional 44,029 shares during the last quarter. Invesco Ltd. raised its position in CRISPR Therapeutics by 138.4% in the second quarter. Invesco Ltd. now owns 66,648 shares of the company’s stock worth $3,242,000 after acquiring an additional 38,691 shares during the period. Finally, Woodline Partners LP boosted its stake in shares of CRISPR Therapeutics by 34.3% during the 1st quarter. Woodline Partners LP now owns 136,483 shares of the company’s stock worth $4,645,000 after acquiring an additional 34,883 shares during the last quarter. 69.20% of the stock is currently owned by hedge funds and other institutional investors.

About CRISPR Therapeutics

CRISPR Therapeutics is a gene-editing company focused on developing transformative gene-based medicines for serious diseases using its proprietary CRISPR/Cas9 platform. CRISPR/Cas9 is a revolutionary gene-editing technology that allows for precise, directed changes to genomic DNA. CRISPR Therapeutics has established a portfolio of therapeutic programs across a broad range of disease areas including hemoglobinopathies, oncology, regenerative medicine and rare diseases.