TD Cowen has maintained a Sell rating on CRISPR Therapeutics (NASDAQ: CRSP) with a steady price target of $30.00 as the firm's outlook remains cautious regarding the biotechnology company's product launch and sales performance.
CRISPR Therapeutics did not report any second-quarter revenue for its gene-editing therapy, Casgevy, as was anticipated following an update from Vertex (NASDAQ:VRTX) last week. The treatment, which is under a co-development and co-commercialization agreement with Vertex, has seen approximately 20 patients globally undergo cell apheresis, an increase from five patients reported at the end of the first quarter.
The analyst from TD Cowen highlighted the need for a significant rise in patient numbers for Casgevy and emphasized the importance of these figures translating into actual sales. The firm's cautious stance is based on the current patient count and the subsequent impact on the product's commercial success.
In addition to the Casgevy update, CRISPR Therapeutics is expected to release initial data for another therapy, CTX110, aimed at treating large B-cell lymphoma (LBCL), by the end of the year.
Meanwhile, Stifel recently revised its price target for CRISPR Therapeutics to $59, maintaining a Hold rating, due to a cautious outlook on the company's near-term revenue prospects and upcoming clinical data.
Similarly, RBC Capital Markets decreased its target price for CRISPR to $60, maintaining a Sector Perform rating, following the ongoing rollout of CRISPR's Casgevy™ treatment and the anticipation of initial data on its next-generation CD19 therapy for non-Hodgkin lymphoma.
On the other hand, Piper Sandler maintained its Overweight rating and a consistent price target of $105, highlighting the progression of CRISPR's Phase I/II study for its allogeneic CD19 CAR-T therapy, CTX112. Oppenheimer adjusted its price target for CRISPR to $95.00, following the company's first-quarter 2024 financial report that disclosed operating expenses of $141.1 million.
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