What happened

Shares of the developmental gene-editing company CRISPR Therapeutics (CRSP -0.76%) were up by 12.4% on sky-high volume as of 1:46 p.m. ET Tuesday afternoon. The big gain came in response to the biotech's strong 2023 first-quarter financial results, which it announced yesterday evening.

Although CRISPR handily beat Wall Street's consensus top-line estimate for the three-month period by approximately $75 million, the biotech's collaboration revenues are largely inconsequential at this stage of the game. After all, the company is already on exceptionally strong financial footing with nearly $1.9 billion in cash and cash equivalents at the end of Q1.

So what

Instead, investors appear to be bidding up the gene-editing pioneer's shares today in response to the steady progress across its broad pipeline of next-generation therapies. CRISPR and partner Vertex Pharmaceuticals (VRTX 0.43%) recently submitted exa-cel as a treatment for both transfusion-dependent beta thalassemia and severe sickle cell disease in the U.S., the EU, and the United Kingdom.

What's more, CRISPR announced in yesterday's press release that its immuno-oncology assets CTX112 and CTX131, along with the in vivo candidate, CTX310, which targets ANGPTL3, are all poised to take the next steps in their respective developmental programs. As a result, the biotech should have plenty of clinical updates to share with investors over the next 24 months.

Now what

Is CRISPR stock still a buy? The answer is a resounding yes. As I pointed out last week, CRISPR's stock appears to be woefully undervalued in light of exa-cel's stellar commercial opportunity, combined with the enormous deep value in its broad pipeline of next-generation therapies.