Why is the stock of gene-editing titan CRISPR hogging attention?

October 14, 2021 05:37 PM PDT | By Sanjeeb Baruah

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Why is the stock of gene-editing titan CRISPR hogging attention? — Image source: janews,Shutterstock

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Highlights

CRISPR Therapeutics (NASDAQ:CRSP) hopes to advance the CTX110 therapy into a registrational trial by the first quarter of next year.

The company said that its off-the-shelf therapy yielded a 58% response rate after administering a single dose of CTX110 to patients suffering from large B-cell lymphoma.

CRISPR’s total revenue surged to US$900.2 million in the second quarter of 2021 from less than US$0.1 million in the comparable period a year ago.

Swiss-American biotechnology company CRISPR Therapeutics (NASDAQ:CRSP) has been gaining significant attention in recent days. While the stock has seen several ups and downs this week, it appeared on firmer ground on Thursday after closing the session by nearly 2% up.

The stock tanked nearly 10% on Wednesday following a preliminary look at its Phase 1 clinical trial for its blood cancer candidate CTX110.

The company has said that its off-the-shelf therapy yielded a 58% response rate and a 38% complete response rate after administering a single dose of CTX110 to patients suffering from large B-cell lymphoma. In addition, the company noted that the observable side effects were overall mild.

Significantly, though, all cases of cytokine release syndrome or CRS were in Grade 1 and 2, but Grade 3 was apparent in the patient with HHV-6 encephalitis, according to CRISPR Therapeutics. As such, it could potentially be a life-threatening safety issue, according to some experts.

Why is the stock of gene-editing titan CRISPR hogging attention?

On Wednesday, the stock's sharp decline might be due to investors' concerns about CTX110's durability (cancer-free after the six-month mark).

So, what’s next?

The company hopes to advance the therapy into a registrational trial that could start by next year's first quarter. CRISPR believes the initial results were encouraging enough to move to the next stage.

Also read: Walgreens Boots (WBA) profits up 6.4% in Q4 as sales surge

Source: Pixabay

Also Read: Citigroup net income jumps 48%, revenue declines 1%

CRISPR Therapeutics’ quarterly performance

CRISPR’s total collaboration revenue surged to US$900.2 million in the second quarter of 2021 from less than US$0.1 million in the comparable period a year ago.

As of June 30, 2021, its cash, cash equivalents and marketable securities were US$2,589.4 million, up from US$1,806.2 million from the previous year. The cash boost of US$783.2 million was due to an upfront payment of US$900.0 million as part of a development and marketing deal with Vertex.

The CRSP stock was priced at US$98.70 at the close on Thursday, up 1.99% from the previous trading session.

CRISPR Therapeutics has a market cap is US$7.52 billion.

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