CRISPR Therapeutics AG $CRSP Shares Sold by GSK plc

Key Points

• GSK reduced its CRISPR Therapeutics stake by 19%, selling 612,208 shares, but still held 2.61 million shares—2.69% of the company and its largest portfolio position.
• Analysts have a “Moderate Buy” consensus and an average price target of $72.93; ratings include two Strong Buys, eight Buys, six Holds and one Sell.
• CRISPR Therapeutics reported a quarterly loss of $1.15 per share, missing the $1.06 loss estimate, and revenue of $12.67 million, below the $14.75 million forecast, despite year-over-year revenue growth of 1,311.1%.

GSK plc cut its holdings in shares of CRISPR Therapeutics AG (NASDAQ:CRSP - Free Report) by 19.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,608,419 shares of the company's stock after selling 612,208 shares during the quarter. CRISPR Therapeutics comprises approximately 29.0% of GSK plc's investment portfolio, making the stock its biggest position. GSK plc owned 2.69% of CRISPR Therapeutics worth $144,298,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC raised its holdings in CRISPR Therapeutics by 2.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 24,136 shares of the company's stock valued at $1,338,000 after buying an additional 658 shares during the period. Privium Fund Management B.V. boosted its stake in CRISPR Therapeutics by 8.9% during the third quarter. Privium Fund Management B.V. now owns 48,974 shares of the company's stock worth $2,709,000 after buying an additional 4,000 shares during the period. Pekin Hardy Strauss Inc. purchased a new position in CRISPR Therapeutics during the third quarter worth about $1,481,000. Kestra Advisory Services LLC boosted its stake in CRISPR Therapeutics by 16.1% during the third quarter. Kestra Advisory Services LLC now owns 20,068 shares of the company's stock worth $1,110,000 after buying an additional 2,776 shares during the period. Finally, Quadcap Wealth Management LLC increased its position in shares of CRISPR Therapeutics by 20.9% during the third quarter. Quadcap Wealth Management LLC now owns 5,739 shares of the company's stock valued at $317,000 after acquiring an additional 992 shares during the last quarter. 69.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company reduced their price target on shares of CRISPR Therapeutics from $75.00 to $70.00 and set an "equal weight" rating on the stock in a research note on Wednesday, November 4th. HC Wainwright reaffirmed a "buy" rating on shares of CRISPR Therapeutics in a research report on Friday, October 9th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $55.00 target price on shares of CRISPR Therapeutics in a report on Thursday, August 6th. UBS Group initiated coverage on CRISPR Therapeutics in a research report on Thursday, October 15th. They issued a "neutral" rating and a $52.00 target price on the stock. Finally, Piper Sandler reissued an "overweight" rating and issued a $110.00 target price on shares of CRISPR Therapeutics in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, CRISPR Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus price target of $72.93.

Insider Buying and Selling at CRISPR Therapeutics

In related news, Director Ali Behbahani sold 13,679 shares of CRISPR Therapeutics stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $57.09, for a total value of $780,934.11. Following the completion of the transaction, the director owned 16,637 shares in the company, valued at approximately $949,806.33. The trade was a 45.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Samarth Kulkarni sold 47,837 shares of CRISPR Therapeutics stock in a transaction that occurred on Monday, October 19th. The shares were sold at an average price of $49.78, for a total transaction of $2,381,325.86. Following the completion of the transaction, the chief executive officer owned 311,899 shares of the company's stock, valued at $15,526,332.22. This trade represents a 13.30% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 93,558 shares of company stock worth $4,881,663 over the last ninety days. Company insiders own 5.20% of the company's stock.

CRISPR Therapeutics Stock Performance

CRSP opened at $45.75 on Thursday. The stock's 50-day moving average price is $52.66 and its 200 day moving average price is $52.66. CRISPR Therapeutics AG has a 12-month low of $44.12 and a 12-month high of $63.45. The company has a debt-to-equity ratio of 0.36, a current ratio of 16.21 and a quick ratio of 16.21.

CRISPR Therapeutics (NASDAQ:CRSP - Get Free Report) last released its earnings results on Monday, November 2nd. The company reported ($1.15) earnings per share for the quarter, missing the consensus estimate of ($1.06) by ($0.09). The firm had revenue of $12.67 million during the quarter, compared to analyst estimates of $14.75 million. CRISPR Therapeutics had a negative net margin of 1,812.07% and a negative return on equity of 25.59%. The firm's quarterly revenue was up 1311.1% on a year-over-year basis. As a group, research analysts expect that CRISPR Therapeutics AG will post -4.54 EPS for the current fiscal year.

About CRISPR Therapeutics

CRISPR Therapeutics AG is a biotechnology company focused on developing gene-based medicines using CRISPR/Cas9, a gene-editing technology that can make targeted changes to DNA. Founded in 2013, the company is headquartered in Zug, Switzerland, and maintains U.S. operations in Cambridge, Massachusetts. Its lead product, Casgevy (exa-cel), was developed with Vertex Pharmaceuticals for people with sickle cell disease and transfusion-dependent beta thalassemia. It was the first therapy based on CRISPR gene editing to receive regulatory approval.

Want to see what other hedge funds are holding CRSP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CRISPR Therapeutics AG (NASDAQ:CRSP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.