What happened
Shares of CRISPR Therapeutics (CRSP 3.72%) are making big gains in Tuesday's trading. The company's share price was up roughly 10.5% as of 3:30 p.m. ET. Meanwhile, the S&P 500 index was up roughly 0.1%, and the Nasdaq Composite index was up roughly 0.4%.
Following ongoing tensions related to Russia's invasion of Ukraine, surging gas prices, and high inflation, stocks posted their worst sell-off since October 2020 on Monday. The market saw some rebound momentum in Tuesday's trading, and CRISPR Therapeutics stock also appears to have gotten a significant boost from an interview given by the company's CEO at a conference yesterday.
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So what
CRISPR Therapeutics' CEO, Sam Kulkarni, participated in an interview at Cowen's 42nd Annual Health Care Conference on Monday. Speaking with Cowen's Tyler Van Buren, Kulkarni provided general updates on the business and some more detailed updates on the progression of key treatments in its pipeline. In general, the tone and content of the interview was very positive, and the executive gave some encouraging updates on the company's CTX001 and CTX110 drugs.
Now what
The CEO said that the program for the company's CTX001 drug for the treatment of thalassemia and sickle cell was progressing nicely, that trials were fully enrolled, and that a more detailed update would be provided this year. He also stated that the company had made significant progress with its ability to dose at scale through its partnership with Vertex Pharmaceuticals and that Vertex was leading efforts to prepare for commercialization.
Kulkarni also gave an update on CRISPR's CTX110 treatment, which uses gene editing in chimeric antigen receptor T-cells (CAR-T) to target malignancies in B cells. The CEO said that he believes CRISPR has an opportunity to be the first to market with an allogeneic therapy in the category and that he sees the potential for CTX110 to be a billion-dollar drug.
CRISPR stock has seen big sell-offs over the past year as investors have become more risk averse and moved out of stocks with speculative outlooks, but risk-tolerant investors seeking potentially explosive biotech plays may want to give the company a closer look.
