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CRISPR Therapeutics (CRSP) Q2 Loss Wider Than Expected
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CRISPR Therapeutics (CRSP - Free Report) incurred a loss of $1.49 per share in the second quarter of 2024, which was wider than the Zacks Consensus Estimate of a loss of $1.37. In the year-ago period, the company had incurred a loss of 98 cents per share.
The company’s total revenues, though negligible, were entirely from grant revenues, which were $0.5 million in the second quarter. The reported figure significantly missed the Zacks Consensus Estimate of $8 million.
In the year-ago quarter, the company generated collaboration revenues worth $70 million, which comprised a research milestone payment from Vertex Pharmaceuticals (VRTX - Free Report) .
Shares of CRISPR Therapeutics have plunged 20.7% in the year-to-date period compared with the industry’s decline of 2.2%.
Image Source: Zacks Investment Research
Quarter in Detail
In the reported quarter, research and development expenses fell 21.1% year over year to $80.2 million, owing to lower variable external research and manufacturing costs.
Also, general and administrative expenses declined 2.6% year over year to $19.5 million in the second quarter.
Collaboration expenses in the quarter were $52.1 million, up 16.8% year over year. The uptick was primarily attributable to commercial and manufacturing costs.
As of Jun 30, 2024, the company had cash, cash equivalents, marketable securities and accounts receivables of $2 billion compared with $2.1 billion as of Mar 31, 2024.
Recent Updates
CRISPR and partner Vertex’s one-shot gene therapy, Casgevy, was approved for two blood disorders, sickle cell disease and transfusion-dependent beta thalassemia, in the United States and Europe in late 2023/early 2024.
Vertex leads the global development and commercialization of Casgevy under the terms of the 2021 agreement with support from CRISPR Therapeutics.
Per management, more than 35 authorized treatment centers have been activated globally, including centers in all regions where Casgevy is approved. CRSP’s partner, VRTX, is making rapid progress with the ongoing launch of Casgevy. Vertex expects to start recording Casgevy sales in the second half of 2024.
CRISPR Therapeutics is currently focused on prioritizing the development of next-generation CAR-T therapy candidates — CTX112 and CTX131. CTX112 is being developed for both oncology and autoimmune indications.
CRISPR Therapeutics is conducting a clinical study on CTX112 for treating systemic lupus erythematosus (SLE). Meanwhile, a phase I/I study is evaluating CTX112 for CD19-positive relapsed or refractory B-cell malignancies. The preliminary data readout from this phase I/II study is expected later this year.
CTX131 is currently being evaluated in an ongoing clinical study for treating solid tumors. CRSP has also opened a clinical study on CTX131 in hematologic malignancies including T cell lymphomas.
Apart from immuno-oncology candidates, CRISPR Therapeutics is currently studying its first two in-vivo candidates, CTX310 and CTX320, in separate phase I clinical studies targeting ANGPTL3 and lipoprotein(a), respectively.
CRISPR Therapeutics AG Price, Consensus and EPS Surprise
In the past 60 days, estimates for Halozyme’s 2024 earnings per share have improved from $3.69 to $3.90. Earnings per share estimates for 2025 have improved from $4.50 to $4.81. Year to date, shares of HALO have soared 40.9%.
HALO’s earnings beat estimates in three of the trailing four quarters and met the same on the remaining occasion, the average surprise being 9.40%.
In the past 60 days, estimates for Repare Therapeutics’ 2024 loss per share have narrowed from $2.42 to $2.35. Loss per share estimates for 2025 have narrowed from $3.29 to $3.21. Year to date, shares of RPTX have plunged 57.2%.
RPTX’s earnings beat estimates in three of the trailing four quarters while missing the same on the remaining occasion, the average surprise being 123.58%.
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CRISPR Therapeutics (CRSP) Q2 Loss Wider Than Expected
CRISPR Therapeutics (CRSP - Free Report) incurred a loss of $1.49 per share in the second quarter of 2024, which was wider than the Zacks Consensus Estimate of a loss of $1.37. In the year-ago period, the company had incurred a loss of 98 cents per share.
The company’s total revenues, though negligible, were entirely from grant revenues, which were $0.5 million in the second quarter. The reported figure significantly missed the Zacks Consensus Estimate of $8 million.
In the year-ago quarter, the company generated collaboration revenues worth $70 million, which comprised a research milestone payment from Vertex Pharmaceuticals (VRTX - Free Report) .
Shares of CRISPR Therapeutics have plunged 20.7% in the year-to-date period compared with the industry’s decline of 2.2%.
Image Source: Zacks Investment Research
Quarter in Detail
In the reported quarter, research and development expenses fell 21.1% year over year to $80.2 million, owing to lower variable external research and manufacturing costs.
Also, general and administrative expenses declined 2.6% year over year to $19.5 million in the second quarter.
Collaboration expenses in the quarter were $52.1 million, up 16.8% year over year. The uptick was primarily attributable to commercial and manufacturing costs.
As of Jun 30, 2024, the company had cash, cash equivalents, marketable securities and accounts receivables of $2 billion compared with $2.1 billion as of Mar 31, 2024.
Recent Updates
CRISPR and partner Vertex’s one-shot gene therapy, Casgevy, was approved for two blood disorders, sickle cell disease and transfusion-dependent beta thalassemia, in the United States and Europe in late 2023/early 2024.
Vertex leads the global development and commercialization of Casgevy under the terms of the 2021 agreement with support from CRISPR Therapeutics.
Per management, more than 35 authorized treatment centers have been activated globally, including centers in all regions where Casgevy is approved. CRSP’s partner, VRTX, is making rapid progress with the ongoing launch of Casgevy. Vertex expects to start recording Casgevy sales in the second half of 2024.
CRISPR Therapeutics is currently focused on prioritizing the development of next-generation CAR-T therapy candidates — CTX112 and CTX131. CTX112 is being developed for both oncology and autoimmune indications.
CRISPR Therapeutics is conducting a clinical study on CTX112 for treating systemic lupus erythematosus (SLE). Meanwhile, a phase I/I study is evaluating CTX112 for CD19-positive relapsed or refractory B-cell malignancies. The preliminary data readout from this phase I/II study is expected later this year.
CTX131 is currently being evaluated in an ongoing clinical study for treating solid tumors. CRSP has also opened a clinical study on CTX131 in hematologic malignancies including T cell lymphomas.
Apart from immuno-oncology candidates, CRISPR Therapeutics is currently studying its first two in-vivo candidates, CTX310 and CTX320, in separate phase I clinical studies targeting ANGPTL3 and lipoprotein(a), respectively.
CRISPR Therapeutics AG Price, Consensus and EPS Surprise
CRISPR Therapeutics AG price-consensus-eps-surprise-chart | CRISPR Therapeutics AG Quote
Zacks Rank & Stocks to Consider
CRISPR Therapeutics currently carries a Zacks Rank #4 (Sell).
Some top-ranked stocks in the biotech sector are Halozyme Therapeutics, Inc. (HALO - Free Report) and Repare Therapeutics Inc. (RPTX - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Halozyme’s 2024 earnings per share have improved from $3.69 to $3.90. Earnings per share estimates for 2025 have improved from $4.50 to $4.81. Year to date, shares of HALO have soared 40.9%.
HALO’s earnings beat estimates in three of the trailing four quarters and met the same on the remaining occasion, the average surprise being 9.40%.
In the past 60 days, estimates for Repare Therapeutics’ 2024 loss per share have narrowed from $2.42 to $2.35. Loss per share estimates for 2025 have narrowed from $3.29 to $3.21. Year to date, shares of RPTX have plunged 57.2%.
RPTX’s earnings beat estimates in three of the trailing four quarters while missing the same on the remaining occasion, the average surprise being 123.58%.