CRISPR Therapeutics (NASDAQ:CRSP) Price Target Cut to $9.00 by Analysts at Wedbush

Key Points

• Analysts at Wedbush have reduced the price target for CRISPR Therapeutics to $9.00 from $13.00, indicating a potential downside of 84.18% from its previous close, while maintaining an "outperform" rating.
• Despite the downgrade, other analysts have mixed opinions, with some including JPMorgan setting a target price as high as $70.00 and Barclays raising theirs to $56.00.
• The company reported an earnings beat with a loss of ($1.29) per share for its recent quarter, though its revenue fell significantly short of expectations at $0.89 million compared to an estimated $6.44 million.

CRISPR Therapeutics (NASDAQ:CRSP - Get Free Report) had its target price dropped by stock analysts at Wedbush from $13.00 to $9.00 in a research note issued to investors on Wednesday,MarketScreener reports. The brokerage currently has an "outperform" rating on the stock. Wedbush's target price suggests a potential downside of 84.18% from the stock's previous close.

Other equities research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. started coverage on shares of CRISPR Therapeutics in a research report on Thursday, September 18th. They set an "overweight" rating and a $70.00 price target for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of CRISPR Therapeutics in a research note on Wednesday, October 8th. Chardan Capital reissued a "buy" rating and issued a $82.00 target price on shares of CRISPR Therapeutics in a research note on Tuesday, August 5th. Barclays boosted their price target on CRISPR Therapeutics from $42.00 to $56.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Finally, Wells Fargo & Company set a $75.00 price objective on CRISPR Therapeutics in a research report on Monday, October 13th. Eleven investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $69.06.

CRISPR Therapeutics Stock Up 0.9%

CRSP opened at $56.91 on Wednesday. The company has a fifty day moving average of $62.79 and a 200-day moving average of $52.88. CRISPR Therapeutics has a twelve month low of $30.04 and a twelve month high of $78.48. The stock has a market cap of $5.18 billion, a PE ratio of -10.50 and a beta of 1.89.

CRISPR Therapeutics (NASDAQ:CRSP - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported ($1.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.47) by $0.18. CRISPR Therapeutics had a negative return on equity of 20.05% and a negative net margin of 1,229.43%.The business had revenue of $0.89 million for the quarter, compared to analyst estimates of $6.44 million. During the same quarter in the prior year, the company earned ($1.49) earnings per share. The company's quarterly revenue was up 72.5% on a year-over-year basis. Sell-side analysts anticipate that CRISPR Therapeutics will post -5.16 EPS for the current fiscal year.

Insider Transactions at CRISPR Therapeutics

In other news, CEO Samarth Kulkarni sold 50,895 shares of the firm's stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $67.91, for a total transaction of $3,456,279.45. Following the completion of the transaction, the chief executive officer owned 254,201 shares in the company, valued at $17,262,789.91. This trade represents a 16.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel James R. Kasinger sold 1,076 shares of the stock in a transaction that occurred on 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 SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 56,213 shares of company stock valued at $3,810,458. Corporate insiders own 4.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. SVB Wealth LLC purchased a new stake in CRISPR Therapeutics during the first quarter worth approximately $25,000. Costello Asset Management INC purchased a new position in shares of CRISPR Therapeutics during the first quarter worth about $27,000. Atlantic Union Bankshares Corp acquired a new stake in shares of CRISPR Therapeutics during the second quarter worth about $33,000. Thompson Investment Management Inc. purchased a new stake in shares of CRISPR Therapeutics in the 3rd quarter valued at about $33,000. Finally, Strategic Wealth Investment Group LLC acquired a new stake in shares of CRISPR Therapeutics in the 2nd quarter valued at about $36,000. 69.20% of the stock is currently owned by hedge funds and other institutional investors.

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.

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