Why CRISPR Therapeutics Stock Is on Fire Today
Shares of the developmental gene-editing company CRISPR Therapeutics (NASDAQ: CRSP) were up by 12.4% on sky-high volume as of 1:46 p.m. ET Tuesday afternoon. The big gain came in response to the biotech's strong 2023 first-quarter financial results, which it announced yesterday evening.
Although CRISPR handily beat Wall Street's consensus top-line estimate for the three-month period by approximately $75 million, the biotech's collaboration revenues are largely inconsequential at this stage of the game. After all, the company is already on exceptionally strong financial footing with nearly $1.9 billion in cash and cash equivalents at the end of Q1.
Instead, investors appear to be bidding up the gene-editing pioneer's shares today in response to the steady progress across its broad pipeline of next-generation therapies. CRISPR and partner Vertex Pharmaceuticals (NASDAQ: VRTX) recently submitted exa-cel as a treatment for both transfusion-dependent beta thalassemia and severe sickle cell disease in the U.S., the EU, and the United Kingdom.
Source Fool.com
Vertex Pharmaceuticals Inc. Stock
The stock is one of the favorites of our community with 42 Buy predictions and 1 Sell predictions.
With a current price of 472.9 € Vertex Pharmaceuticals Inc. is right around the predicted target price of 475 €.
