Why CRISPR Therapeutics Stock Rose ~13.05% Yesterday

CRISPR’s performance

On January 7, CRISPR Therapeutics (CRSP) stock rose ~13.05% to $34.22 from its previous close of $30.27 on January 4. On January 4, CRISPR Therapeutics stock rose ~8.03% to $30.27 from its previous close of $28.02 on January 3.

On January 7, CRISPR closed ~54% up from its 52-week low of $22.22 on December 21, 2018. The company hit its 52-week high of $73.90 on May 24, 2018.

Why CRISPR Therapeutics Stock Rose ~13.05% Yesterday

Reason for the stock price hike

On January 4, the FDA granted a fast track designation to CRISPR Therapeutics and Vertex Pharmaceuticals’ (VRTX) CTX001 for the treatment of individuals with sickle cell disease.

The FDA’s fast track designation will help Vertex and CRISPR with several benefits, including the more frequent scheduling of meetings and communication with the FDA. The fast track designation will also allow the companies to file for the accelerated approval or priority review of their biologics license applications.

Right now, CRISPR Therapeutics and Vertex Pharmaceuticals are enrolling patients in Phase 1 and Phase 2 trials for the evaluation of CTX001 for the treatment of individuals with sickle cell disease.

Analysts’ recommendations

Of the 11 analysts tracking CRISPR Therapeutics in January, one has recommended a “strong buy,” while six have recommended “buys” on the stock. Three analysts have recommended “holds,” while one has recommended a “sell” on the stock.

On January 7, CRISPR Therapeutics had a consensus 12-month target price of $63.72, which represents a potential ~86.21% return on investment over the next 12 months.