CRISPR Therapeutics (CRSP) Stock Plunges 11% Amid Earnings Disappointment and Competitive Threat
CRISPR Therapeutics' stock plummeted 11.59% after the company reported a larger-than-expected loss per share of -$1.37 and revenue of $0.86 million, far below forecasts. The decline was further exacerbated by Regeneron's announcement of a free gene therapy, potentially disrupting the pricing dynamics of CRISPR's Casgevy treatment.
CRISPR Therapeutics' shares dropped 11.59% to $51.21 on Friday after the company reported disappointing first-quarter results. The loss per share was -$1.37, worse than the expected -$1.15, and revenue was $0.86 million, down 97.8% year-over-year from the forecasted $4.72 million. Regeneron's newly authorized gene therapy, Otarmeni, to be provided free to qualifying US patients, poses a competitive threat to CRISPR's Casgevy, priced at $2.2 million. CRISPR's CEO, Samarth Kulkarni, sold 10,349 shares on March 16, part of 51,828 shares sold by insiders in the previous three months. Despite this, Wall Street analysts maintain a 'Moderate Buy' rating with a mean price objective of $64.53.
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