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CRISPR Therapeutics (CRSP) Q1 Earnings & Sales Miss Estimates

·4 min read

CRISPR Therapeutics AG CRSP reported first-quarter 2022 net loss per share of $2.32, wider than the Zacks Consensus Estimate of a loss of $1.91. The company had posted a loss of $1.51 per share in the year-ago period.

CRISPR Therapeutics' total revenues, which comprise grants and collaboration revenues, came in at $0.9 million for the first quarter compared with $0.5 million reported in the year-ago period. The revenues included $0.17 million in collaboration revenues and $0.76 million in grant revenues. Revenues substantially missed the Zacks Consensus Estimate of $5.67 million.

Shares of CRISPR Therapeutics have plunged 43% so far this year compared with the industry’s 25% decline.

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Quarter in Detail

For the reported quarter, research and development expenses were $118.2 million, up 67.4% from the year-ago figure to support the development of its immuno-oncology programs and costs related to the new U.S. R&D headquarters.

General and administrative expenses rose 14.3% year over year to $28.0 million.

As of Mar 31, 2022, the company had cash, cash equivalents and marketable securities of $2.2 billion compared with $2.37 billion as of Dec 31, 2021.

Pipeline Updates

CRISPR Therapeutics is developing CTX001 — 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 VRTX. The candidate is currently being evaluated in two separate phase III studies, CLIMB THAL-111 and CLIMB SCD-121, for treating TDT and severe SCD, respectively. Target enrolment in both the studies has been achieved and more than 75 patients have been dosed across both studies to date. The regulatory submission for the therapy in both indications is anticipated in late 2022. CRISPR Therapeutics and Vertex have initiated two new phase III studies of CTX001 in pediatric patients with TDT and SCD.

Apart from CTX001, CRISPR Therapeutics is also developing three chimeric antigen receptor T cell (CAR-T) therapy candidates — CTX110, CTX120, and CTX130 — for hematological and solid-tumor cancers.

The company is currently evaluating CTX110 in a phase I CARBON pivotal study for the treatment of relapsed/refractory B-cell malignancies. The company is expected to report additional data from this study later this year.

A phase I study is investigating the safety and efficacy of several dose levels of CTX120 for the treatment of relapsed or refractory multiple myeloma. Two independent ongoing phase I studies are also evaluating the safety and efficacy of several dose levels of CTX130 for treating solid tumors and certain hematologic malignancies. Updates from both the studies is expected in first-half 2022.

Enrollment and dosing are ongoing in a phase I study of VCTX210, an allogeneic, gene-edited, stem cell-derived product, in type I diabetes that CRISPR Therapeutics is developing with partner ViaCyte.

Zacks Rank & Stocks to Consider

CRISPR Therapeutics currently carries a Zacks Rank #3 (Hold).

CRISPR Therapeutics AG Price, Consensus and EPS Surprise

CRISPR Therapeutics AG Price, Consensus and EPS Surprise
CRISPR Therapeutics AG Price, Consensus and EPS Surprise

CRISPR Therapeutics AG price-consensus-eps-surprise-chart | CRISPR Therapeutics AG Quote

Some better-ranked stocks in the biotech sector include Alkermes ALKS and Angion Biomedica ANGN, both with a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Alkermes’ loss per share estimates for 2022 have narrowed from 14 cents to 3 cents over the past 30 days. Shares of Alkermes have risen 14.4% this year so far.

Earnings of Alkermes beat estimates in all the last four quarters, delivering a surprise of 350.5%, on average.

Angion Biomedica’s loss per share estimates for 2022 have narrowed from $1.92 to $1.79 in the past 30 days.

Earnings of Angion Biomedica missed estimates in one of the last four quarters while beating the mark on three occasions, delivering a positive surprise of 47.51%, on average. The stock is down 51% this year so far.


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