Morgan Stanley Nearly Doubled Its Price Target for CRISPR Therapeutics. Is the Gene-Editing Stock a No-Brainer Buy?
The next six months may be decisive for the biotech.
Overview
CRISPR Therapeutics (NASDAQ: CRSP) has had a terrible year, with the stock down 11% as of writing, while the S&P 500 is up 7%. However, the biotech has several catalysts on the horizon, and some analysts are taking notice. Terence Flynn, a Morgan Stanley (NYSE: MS) analyst, recently raised his CRISPR Therapeutics price target to $60, up from $33, and upgraded his rating to "hold." This new target implies the stock could rise by 26% from its current levels. That said, is now a good time to buy CRISPR Therapeutics' shares?
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CRISPR Therapeutics is a gene-editing specialist. The company has an approved medicine, Casgevy, that it developed with Vertex Pharmaceuticals (NASDAQ: VRTX). Casgevy treats two rare blood disorders: Transfusion-dependent beta-thalassemia and sickle-cell disease. Earlier this year, CRISPR Therapeutics and Vertex announced that the U.S. Food and Drug Administration had expanded the label for Casgevy. It is now indicated to treat patients as young as two. The medicine hasn't generated significant sales since its 2023 approval because it is expensive and difficult to administer. But with growing third-party coverage and an important label expansion, Casgevy's sales should ramp up over the next few quarters.
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Originally published at www.fool.com.