Bank of America Forecasts Strong Price Appreciation for CRISPR Therapeutics (NASDAQ:CRSP) Stock

CRISPR Therapeutics (NASDAQ:CRSP) had its price objective lifted by stock analysts at Bank of America from $78.00 to $93.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective points to a potential upside of 34.49% from the company’s current price.

CRSP has been the subject of a number of other research reports. JPMorgan Chase & Co. began coverage on shares of CRISPR Therapeutics in a report on Thursday, September 18th. They set an “overweight” rating and a $70.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of CRISPR Therapeutics in a report on Wednesday, October 8th. Chardan Capital reaffirmed a “buy” rating and set a $82.00 target price on shares of CRISPR Therapeutics in a report on Tuesday, August 5th. Piper Sandler reissued an “overweight” rating and issued a $105.00 price objective on shares of CRISPR Therapeutics in a report on Friday, June 27th. Finally, 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 research report on Wednesday, August 6th. Ten investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, CRISPR Therapeutics currently has an average rating of “Hold” and an average price target of $72.59.

CRISPR Therapeutics Stock Performance

NASDAQ:CRSP opened at $69.15 on Friday. The company has a fifty day moving average of $60.44 and a two-hundred day moving average of $50.11. The stock has a market capitalization of $6.29 billion, a PE ratio of -12.73 and a beta of 1.84. CRISPR Therapeutics has a fifty-two week low of $30.04 and a fifty-two week high of $78.48.

CRISPR Therapeutics (NASDAQ:CRSP) last posted its quarterly earnings data on Monday, August 4th. The company reported ($1.29) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.47) by $0.18. CRISPR Therapeutics had a negative net margin of 1,229.43% and a negative return on equity of 20.05%. The company had revenue of $0.89 million during the quarter, compared to analysts’ expectations of $6.44 million. During the same period in the prior year, the business posted ($1.49) earnings per share. The firm’s revenue for the quarter was up 72.5% on a year-over-year basis. Research analysts forecast that CRISPR Therapeutics will post -5.16 earnings per share for the current year.

Insider Transactions at CRISPR Therapeutics

In other CRISPR Therapeutics news, General Counsel James R. Kasinger sold 1,076 shares of the company’s stock in a transaction dated Tuesday, October 14th. The shares were sold at an average price of $66.60, for a total value of $71,661.60. Following the transaction, the general counsel owned 83,402 shares of the company’s stock, valued at $5,554,573.20. This represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Samarth Kulkarni sold 4,242 shares of the company’s stock in a transaction dated Tuesday, October 14th. The shares were sold at an average price of $66.60, for a total transaction of $282,517.20. Following the completion of the transaction, the chief executive officer directly owned 205,096 shares in the company, valued at $13,659,393.60. The trade was a 2.03% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. SVB Wealth LLC acquired a new position in CRISPR Therapeutics in the first quarter valued at about $25,000. Costello Asset Management INC acquired a new position in CRISPR Therapeutics in the first quarter valued at about $27,000. Atlantic Union Bankshares Corp acquired a new position in CRISPR Therapeutics in the second quarter valued at about $33,000. Thompson Investment Management Inc. acquired a new stake in shares of CRISPR Therapeutics during the third quarter worth about $33,000. Finally, Strategic Wealth Investment Group LLC acquired a new stake in shares of CRISPR Therapeutics during the second quarter worth about $36,000. Institutional investors and hedge funds own 69.20% of the company’s stock.

CRISPR Therapeutics Company Profile

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.