CRISPR Therapeutics Stock Is Up Only 8% This Year. Is Cathie Wood's Bet on the Gene-Editing Stock Dead Money?
This year, the biotech stock has underperformed both the Nasdaq Biotechnology Index and the S&P 500.
Overview
CRISPR Therapeutics (NASDAQ: CRSP) is up only slightly more than 8% so far this year, well under the 27% return of the Nasdaq Biotechnology index and slightly below the 12% return of the S&P 500. That's not particularly surprising, since the biotechnology company has one commercialized therapy and has never shown a profit.
Cathie Wood, through her Ark Invest ETFs, is a big backer of CRISPR Therapeutics and owns 94.6 million shares of the stock, at an average price of $66. At today's current price of around $52, she's lost more than a bit on the move. Wood is thinking long-term, however.
Details
The biotech, named for the breakthrough CRISPR gene-editing technique, presents a strong long-term case for investment. Its lead therapy, Casgevy, which treats the rare blood disorders sickle cell disease (SCD) and transfusion-dependent beta thalassemia (TBT), is seeing strong revenue growth. The company has a candidate called CTX611 that's about to enter a phase 3 trial, and nine other therapies in its pipeline, so it could soon have other revenue drivers.
Source
Originally published at www.fool.com.