CRISPR Therapeutics (NASDAQ:CRSP) Shares Down 1.7% on Disappointing Earnings

CRISPR Therapeutics AG (NASDAQ:CRSP) shares were down 1.7% on Thursday following a dissappointing earnings announcement. The company traded as low as $51.58 and last traded at $52.37. Approximately 509,367 shares traded hands during trading, a decline of 71% from the average daily volume of 1,746,713 shares. The stock had previously closed at $53.29.

The company reported ($1.43) EPS for the quarter, missing the consensus estimate of ($1.35) by ($0.08). The firm had revenue of $0.50 million during the quarter, compared to the consensus estimate of $25.53 million. The company’s quarterly revenue was down 99.5% compared to the same quarter last year. During the same period last year, the firm earned ($0.67) earnings per share.

Wall Street Analyst Weigh In

CRSP has been the topic of a number of research analyst reports. Wolfe Research initiated coverage on CRISPR Therapeutics in a research note on Thursday, February 15th. They issued a “peer perform” rating on the stock. Citigroup raised their price objective on CRISPR Therapeutics from $88.00 to $89.00 and gave the company a “buy” rating in a report on Thursday, April 18th. Wells Fargo & Company upped their target price on CRISPR Therapeutics from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 22nd. Mizuho lifted their price target on shares of CRISPR Therapeutics from $82.00 to $99.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Finally, Needham & Company LLC cut their price objective on shares of CRISPR Therapeutics from $90.00 to $88.00 and set a “buy” rating for the company in a research note on Thursday. Three investment 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $73.67.

Insider Buying and Selling

In other CRISPR Therapeutics news, General Counsel James R. Kasinger sold 1,913 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $79.67, for a total value of $152,408.71. Following the completion of the transaction, the general counsel now directly owns 57,371 shares in the company, valued at approximately $4,570,747.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, 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 value of $1,607,200.00. Following the sale, the chief executive officer now directly owns 187,377 shares of the company’s stock, valued at $15,057,615.72. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, General Counsel James R. Kasinger sold 1,913 shares of the firm’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $79.67, for a total value of $152,408.71. Following the transaction, the general counsel now directly owns 57,371 shares of the company’s stock, valued at approximately $4,570,747.57. The disclosure for this sale can be found here. Insiders sold 83,992 shares of company stock valued at $6,132,335 over the last quarter. 4.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of CRISPR Therapeutics by 21.7% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 33,378 shares of the company’s stock valued at $1,515,000 after purchasing an additional 5,948 shares during the last quarter. Stratos Wealth Partners LTD. raised its stake in CRISPR Therapeutics by 28.2% during the third quarter. Stratos Wealth Partners LTD. now owns 5,580 shares of the company’s stock valued at $253,000 after buying an additional 1,226 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in CRISPR Therapeutics by 11.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,527 shares of the company’s stock worth $841,000 after acquiring an additional 1,879 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of CRISPR Therapeutics by 10.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 184,854 shares of the company’s stock worth $8,391,000 after acquiring an additional 17,258 shares during the last quarter. Finally, TD Asset Management Inc increased its holdings in shares of CRISPR Therapeutics by 12.9% during the third quarter. TD Asset Management Inc now owns 240,462 shares of the company’s stock valued at $10,915,000 after acquiring an additional 27,387 shares in the last quarter. 69.20% of the stock is currently owned by institutional investors.

CRISPR Therapeutics Stock Performance

The firm has a 50-day moving average price of $65.81 and a 200-day moving average price of $64.64. The stock has a market cap of $4.45 billion, a PE ratio of -26.72 and a beta of 1.80.

About CRISPR Therapeutics

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.