CRISPR Therapeutics (NASDAQ:CRSP) Trading Down 3.1% on Disappointing Earnings

CRISPR Therapeutics AG (NASDAQ:CRSP)’s stock price dropped 3.1% during trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $53.25 and last traded at $53.81. Approximately 398,715 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 1,747,559 shares. The stock had previously closed at $55.53.

The company reported ($1.43) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.35) by ($0.08). The business had revenue of $0.50 million for the quarter, compared to analysts’ expectations of $25.53 million. During the same quarter in the prior year, the firm posted ($0.67) earnings per share. The business’s quarterly revenue was down 99.5% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CRSP. Mizuho increased their price objective on CRISPR Therapeutics from $82.00 to $99.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Wolfe Research assumed coverage on shares of CRISPR Therapeutics in a research report on Thursday, February 15th. They issued a “peer perform” rating on the stock. Wells Fargo & Company decreased their target price on shares of CRISPR Therapeutics from $70.00 to $65.00 and set an “equal weight” rating for the company in a research report on Thursday. Barclays decreased their price objective on CRISPR Therapeutics from $80.00 to $67.00 and set an “equal weight” rating for the company in a report on Thursday. Finally, Robert W. Baird upped their target price on CRISPR Therapeutics from $46.00 to $52.00 and gave the stock a “neutral” rating in a report on Thursday. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $74.43.

Insider Activity at CRISPR Therapeutics

In other CRISPR Therapeutics news, CEO Samarth Kulkarni sold 20,000 shares of CRISPR Therapeutics stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $80.36, for a total value of $1,607,200.00. Following the completion of the sale, the chief executive officer now directly owns 187,377 shares of the company’s stock, valued at $15,057,615.72. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CFO Raju Prasad sold 3,524 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $72.69, for a total value of $256,159.56. Following the transaction, the chief financial officer now directly owns 6,476 shares in the company, valued at approximately $470,740.44. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Samarth Kulkarni sold 20,000 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $80.36, for a total transaction of $1,607,200.00. Following the transaction, the chief executive officer now owns 187,377 shares in the company, valued at approximately $15,057,615.72. The disclosure for this sale can be found here. Insiders have sold 83,992 shares of company stock worth $6,132,335 in the last quarter. Company insiders own 4.10% of the company’s stock.

Institutional Trading of CRISPR Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of CRSP. ARK Investment Management LLC lifted its stake in CRISPR Therapeutics by 19.2% during the 4th quarter. ARK Investment Management LLC now owns 8,536,104 shares of the company’s stock valued at $534,360,000 after acquiring an additional 1,372,986 shares in the last quarter. Capital International Investors grew its position in CRISPR Therapeutics by 0.8% in the 4th quarter. Capital International Investors now owns 6,134,450 shares of the company’s stock worth $384,017,000 after purchasing an additional 48,938 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of CRISPR Therapeutics by 3.4% during the 4th quarter. Vanguard Group Inc. now owns 1,590,651 shares of the company’s stock worth $99,575,000 after buying an additional 51,926 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of CRISPR Therapeutics by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 653,023 shares of the company’s stock worth $40,879,000 after buying an additional 15,085 shares during the last quarter. Finally, Norges Bank purchased a new position in CRISPR Therapeutics in the fourth quarter worth $38,661,000. 69.20% of the stock is owned by hedge funds and other institutional investors.

CRISPR Therapeutics Stock Performance

The stock has a 50 day moving average price of $65.19 and a 200 day moving average price of $64.56. The company has a market capitalization of $4.61 billion, a P/E ratio of -27.32 and a beta of 1.80.

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.