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CRISPR Therapeutics (CRSP) Q2 Loss Narrower Than Expected
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CRISPR Therapeutics (CRSP - Free Report) reported a net loss per share of 98 cents in the second quarter of 2023, narrower than the Zacks Consensus Estimate of a loss of $2.18. The company had posted a loss of $2.40 per share in the year-ago period.
CRISPR Therapeutics' total revenues, comprising collaboration revenues, were $70 million in the second quarter, primarily attributed to a research milestone achieved during the quarter in connection with a non-exclusive license agreement with Vertex Pharmaceuticals (VRTX - Free Report) . Revenues substantially beat the Zacks Consensus Estimate of $3.2 million. In the year-ago quarter, revenues were less than $0.2 million.
Post the announcement, CRISPR Therapeutics’ shares inched up 1.6% in after-market trading on Aug 7. The stock has gained 18.9% year to date against the industry’s fall of 12.9%.
Image Source: Zacks Investment Research
Quarter in Detail
For the reported quarter, research and development expenses fell 18% year over year to $101.6 million, driven by reduced variable external research and manufacturing costs.
Also, general and administrative expenses declined 18% to $19.0 million due to a fall in external professional costs.
Collaboration expenses in the quarter reached $44.6 million, up 32% year over year. The upside can be attributed to a rise in the company’s manufacturing and pre-commercial costs on the exa-cel program (being developed in collaboration with Vertex Pharmaceuticals).
As of Jun 30, 2023, CRISPR Therapeutics had cash, cash equivalents, marketable securities and accounts receivables of $1.84 billion compared with $1.88 billion as of Mar 31, 2023.
Pipeline Updates
CRISPR Therapeutics has developed exa-cel — an investigational ex-vivo CRISPR gene-edited therapy for treating sickle cell disease (SCD) and transfusion-dependent beta-thalassemia (TDT) — in partnership with Vertex Pharmaceuticals.
In June, CRISPR Therapeutics and Vertex announced that the FDA accepted their biologics license application (BLA) submissions seeking approval for exa-cel in SCD and TDT indications and a final decision is expected by Dec 8, 2023, and Mar 30, 2024, respectively. The companies have filed similar regulatory submissions for exa-cel in Europe, which were validated this January.
Apart from exa-cel, CRISPR Therapeutics is developing two chimeric antigen receptor T cell (CAR-T) therapy candidates — CTX110 and CTX130 — for hematological and solid-tumor cancers.
The company has been enrolling patients in the phase II study evaluating CTX110 in relapsed/refractory B-cell malignancies. CRISPR Therapeutics is also enrolling patients in the ongoing phase I COBALT-LYM study evaluating CTX130 targeting CD70 for treating relapsed or refractory T cell malignancies.
CRSP is also advancing two next-generation CAR-T product candidates, CTX112 (targeting CD19-positive B-cell malignancies) and CTX131 (targeting relapsed or refractory solid tumors) in separate phase I/II studies. These candidates have been designed to enhance CAR-T potency.
The company also remains on track to advance its lead in-vivo program, CTX310, into clinical development later this year. CTX310 has been designed to target angiopoietin-related protein 3 (ANGPTL3), which is responsible for the development of atherosclerotic cardiovascular disease.
Caribou Biosciences’ loss estimates for 2023 have narrowed from $1.91 to $1.63 per share in the past 30 days. During the same period, the loss estimates per share for 2024 have narrowed from $2.60 to $1.72. Year to date, Caribou Biosciences’ stock has risen 4.8%.
Caribou Biosciences beat earnings estimates in three of the last four quarters while missing the mark on one occasion. On average, the company’s earnings witnessed a negative earnings surprise of 1.36%. In the last reported quarter, CRBU delivered an earnings surprise of 4.17%.
In the past 30 days, estimates for J&J’s 2023 earnings per share have increased from $10.66 to $10.74. During the same period, the earnings estimates per share for 2024 have risen from $11.01 to $11.29. Shares of J&J are down 2.0% in the year-to-date period.
Earnings of J&J beat estimates in each of the last four quarters, witnessing an average earnings surprise of 5.58%. In the last reported quarter, J&J’s earnings beat estimates by 7.28%.
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CRISPR Therapeutics (CRSP) Q2 Loss Narrower Than Expected
CRISPR Therapeutics (CRSP - Free Report) reported a net loss per share of 98 cents in the second quarter of 2023, narrower than the Zacks Consensus Estimate of a loss of $2.18. The company had posted a loss of $2.40 per share in the year-ago period.
CRISPR Therapeutics' total revenues, comprising collaboration revenues, were $70 million in the second quarter, primarily attributed to a research milestone achieved during the quarter in connection with a non-exclusive license agreement with Vertex Pharmaceuticals (VRTX - Free Report) . Revenues substantially beat the Zacks Consensus Estimate of $3.2 million. In the year-ago quarter, revenues were less than $0.2 million.
Post the announcement, CRISPR Therapeutics’ shares inched up 1.6% in after-market trading on Aug 7. The stock has gained 18.9% year to date against the industry’s fall of 12.9%.
Image Source: Zacks Investment Research
Quarter in Detail
For the reported quarter, research and development expenses fell 18% year over year to $101.6 million, driven by reduced variable external research and manufacturing costs.
Also, general and administrative expenses declined 18% to $19.0 million due to a fall in external professional costs.
Collaboration expenses in the quarter reached $44.6 million, up 32% year over year. The upside can be attributed to a rise in the company’s manufacturing and pre-commercial costs on the exa-cel program (being developed in collaboration with Vertex Pharmaceuticals).
As of Jun 30, 2023, CRISPR Therapeutics had cash, cash equivalents, marketable securities and accounts receivables of $1.84 billion compared with $1.88 billion as of Mar 31, 2023.
Pipeline Updates
CRISPR Therapeutics has developed exa-cel — an investigational ex-vivo CRISPR gene-edited therapy for treating sickle cell disease (SCD) and transfusion-dependent beta-thalassemia (TDT) — in partnership with Vertex Pharmaceuticals.
In June, CRISPR Therapeutics and Vertex announced that the FDA accepted their biologics license application (BLA) submissions seeking approval for exa-cel in SCD and TDT indications and a final decision is expected by Dec 8, 2023, and Mar 30, 2024, respectively. The companies have filed similar regulatory submissions for exa-cel in Europe, which were validated this January.
Apart from exa-cel, CRISPR Therapeutics is developing two chimeric antigen receptor T cell (CAR-T) therapy candidates — CTX110 and CTX130 — for hematological and solid-tumor cancers.
The company has been enrolling patients in the phase II study evaluating CTX110 in relapsed/refractory B-cell malignancies. CRISPR Therapeutics is also enrolling patients in the ongoing phase I COBALT-LYM study evaluating CTX130 targeting CD70 for treating relapsed or refractory T cell malignancies.
CRSP is also advancing two next-generation CAR-T product candidates, CTX112 (targeting CD19-positive B-cell malignancies) and CTX131 (targeting relapsed or refractory solid tumors) in separate phase I/II studies. These candidates have been designed to enhance CAR-T potency.
The company also remains on track to advance its lead in-vivo program, CTX310, into clinical development later this year. CTX310 has been designed to target angiopoietin-related protein 3 (ANGPTL3), which is responsible for the development of atherosclerotic cardiovascular disease.
CRISPR Therapeutics AG Price
CRISPR Therapeutics AG price | CRISPR Therapeutics AG Quote
Zacks Rank & Stocks to Consider
CRISPR Therapeutics currently carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the overall healthcare sector include Caribou Biosciences (CRBU - Free Report) and Johnson & Johnson (JNJ - Free Report) ,each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Caribou Biosciences’ loss estimates for 2023 have narrowed from $1.91 to $1.63 per share in the past 30 days. During the same period, the loss estimates per share for 2024 have narrowed from $2.60 to $1.72. Year to date, Caribou Biosciences’ stock has risen 4.8%.
Caribou Biosciences beat earnings estimates in three of the last four quarters while missing the mark on one occasion. On average, the company’s earnings witnessed a negative earnings surprise of 1.36%. In the last reported quarter, CRBU delivered an earnings surprise of 4.17%.
In the past 30 days, estimates for J&J’s 2023 earnings per share have increased from $10.66 to $10.74. During the same period, the earnings estimates per share for 2024 have risen from $11.01 to $11.29. Shares of J&J are down 2.0% in the year-to-date period.
Earnings of J&J beat estimates in each of the last four quarters, witnessing an average earnings surprise of 5.58%. In the last reported quarter, J&J’s earnings beat estimates by 7.28%.