CRISPR Therapeutics has risen 24% between May 11 and May 17. On May 17, CRISPR Therapeutics (CRSP) stock closed at $65.40 and saw 384% growth from its 52-week low of $13.50 on May 31, 2017. On May 14, 2018, CRISPR Therapeutics stock closed at $56.78, which represented ~7.7% growth over the previous close of $52.73 on May 11.
On May 17, CRISPR Therapeutics stock closed at $65.40, which represented ~13.4% growth from the previous day’s close at $57.65. CRISPR Therapeutics stock saw solid growth over the past few months.
Reasons for the stock price hike
CRISPR Therapeutics is focused on the development of transformative gene-based drugs utilizing its CRISPR/Cas9 platform, which is cutting-edge technology that engineers hematopoietic stem cells to generate high levels of fetal hemoglobin or HbF in red blood cells. Haemoglobin F is naturally present in humans during birth but is gradually replaced by an adult form of hemoglobin.
Thc company’s CTX001 has the potential to increase the HbF level in red blood cells. The increase of HbF level in the red blood cells could ease transfusion requirements for individuals with beta-thalassemia.
In December 2017, CRISPR Therapeutics presented preclinical data for the CTX001 at the American Society for Hematology’s (or ASH) annual meeting. In the preclinical data, CTX001 showed over 90% editing of hematopoietic stem cells at the target site, which led to a clinically significant elevation of HbF. In 1Q18, CRISPR CTA received approval for the initiation of clinical trials. CRISPR Therapeutics and Vertex Pharmaceuticals (VRTX) expect to initiate the European clinical trials during the second half of 2018.
CRISPR Therapeutics also has plans to submit an Investigative New Drug Application to the US Food and Drug Administration for its CTX101, an investigative allogeneic CAR-T cell therapy targeted to CD19+ malignancies in the second half of 2018.
In April 2018, at the American Association for Cancer Research (or AACR) annual meeting, CRISPR Therapeutics presented preclinical data that demonstrated the generation of CAR-T cells targeted to BCMA (B-cell maturation antigen) and CD70 through CRISPR/Cas9 gene editing, which showed constant expression and potent cell destruction.
First-quarter financials in a nutshell
In the first quarter, CRISPR Therapeutics generated collaboration revenues of $1.4 million compared to $2.7 million in Q1 2017. CRISPR Therapeutics reported R&D (research and development) and G&A (general and administrative) expenses of $19.5 million and $8.8 million, respectively, in Q1 2018 to $14.8 million and $8.6 million in Q1 2017. In Q1 2018, CRSPR reported a net loss of $28.3 million compared to $21.5 million in Q1 2017.