{
  "@context": "https://frontierpicks.com/schemas/dossier.v1.json",
  "ticker": "CRSP",
  "name": "CRISPR Therapeutics AG",
  "url": "https://frontierpicks.com/dossiers/CRSP/",
  "json_url": "https://frontierpicks.com/dossiers/CRSP.json",
  "status": "WATCHLIST",
  "current_conviction": "LOW",
  "archetype": {
    "code": "a5",
    "n": 5
  },
  "current_thesis": "CRISPR Therapeutics shares are more likely to lag the S&P 500 over three months: they hit a 52-week closing low of $42.62 on 12 November 2026 despite strong CTX310 data, and December's zugo-cel data at ASH is the next test.",
  "invalidation_trigger": "A daily close above $50.04, the 2026-11-09 close before the post-data drop, which would show the shares recovering the whole decline and leading again.",
  "catalyst_date": "2026-11-17",
  "portfolio": null,
  "pick": null,
  "themes": [
    "rare-disease-gene-therapy",
    "cardiovascular-therapeutics"
  ],
  "tags": [],
  "sources": [],
  "notes": [
    "CRISPR Therapeutics is a Swiss company (AG) whose ordinary shares trade directly on the Nasdaq under CRSP; it is not an ADR.",
    "CASGEVY is commercialised by Vertex, which leads the launch; CRISPR shares program profits and costs on a 60/40 split, with Vertex taking 60%.",
    "Several CRISPR insiders sell shares around option exercises, some under Rule 10b5-1 trading plans, so Form 4 sales recur through the year."
  ],
  "source_links": [
    {
      "title": "CRISPR Therapeutics AG - Form 8-K - FY2026",
      "url": "https://www.sec.gov/Archives/edgar/data/0001674416/000119312526443644/crsp-ex99_1.htm",
      "date": null
    },
    {
      "title": "CRISPR Therapeutics Highlights Substantial Lipid Reductions with Investigational Gene Editing Therapy",
      "url": "https://www.benzinga.com/analyst-stock-ratings/analyst-color/26/11/63113462/crispr-therapeutics-highlights-substantial-lipid-reductions-with-investigational-gene-editing-therapy",
      "date": null
    },
    {
      "title": "CRISPR Therapeutics (NASDAQ:CRSP) Stock Price Down 9.1% - What's Next?",
      "url": "https://www.marketbeat.com/instant-alerts/price-crispr-therapeutics-nasdaq-crsp-stock-price-down-91-whats-next-2026-11-10/",
      "date": "2026-11-10"
    },
    {
      "title": "A healthcare conference chat featuring CRISPR Therapeutics will stream live Nov. 17.",
      "url": "https://www.stocktitan.net/news/CRSP/crispr-therapeutics-to-present-at-the-2026-jefferies-global-v6qfoihryfgr.html",
      "date": null
    },
    {
      "title": "Wells Fargo cuts CRISPR Therapeutics stock price target on earnings",
      "url": "https://www.investing.com/news/analyst-ratings/wells-fargo-cuts-crispr-therapeutics-stock-price-target-on-earnings-93CH-4998076",
      "date": null
    },
    {
      "title": "Piper Sandler reiterates CRISPR Therapeutics stock rating at overweight",
      "url": "https://www.investing.com/news/analyst-ratings/piper-sandler-reiterates-crispr-therapeutics-stock-rating-at-overweight-93CH-5015582",
      "date": null
    },
    {
      "title": "CRISPR Therapeutics Provides Business Update and Reports Third Quarter 2026 Financial Results",
      "url": "https://finviz.com/news/413465/crispr-therapeutics-provides-business-update-and-reports-third-quarter-2026-financial-results",
      "date": null
    }
  ],
  "evidence": [
    {
      "claim": "CASGEVY revenue was $99 million in the third quarter of 2026, up 30% from the previous quarter and nearly six times the third quarter of 2025; more than 750 patients had initiated treatment.",
      "source": "CRISPR Therapeutics 8-K, Exhibit 99.1, 2026-11-02",
      "as_of": "2026-11-02"
    },
    {
      "claim": "Third-quarter 2026 net loss was $111.4 million, or $1.15 per share, against $106.4 million a year earlier; research and development expense was $71.9 million against $58.9 million.",
      "source": "CRISPR Therapeutics 8-K, Exhibit 99.1, 2026-11-02",
      "as_of": "2026-09-30"
    },
    {
      "claim": "Cash, cash equivalents and marketable securities totalled $2,276.6 million on 30 September 2026.",
      "source": "CRISPR Therapeutics 8-K, Exhibit 99.1, 2026-11-02",
      "as_of": "2026-09-30"
    },
    {
      "claim": "A single course of CTX310 reduced ANGPTL3 by a mean 65% and triglycerides by 63% at Day 30 in 10 patients with severe hypertriglyceridemia, with no treatment-related serious adverse events.",
      "source": "CRISPR Therapeutics release, AHA Scientific Sessions 2026",
      "as_of": "2026-11-09"
    },
    {
      "claim": "The FDA granted CTX310 Regenerative Medicine Advanced Therapy designations for severe hypertriglyceridemia and for elevated LDL cholesterol.",
      "source": "CRISPR Therapeutics third-quarter 2026 business update",
      "as_of": "2026-11-02"
    },
    {
      "claim": "Chief Executive Samarth Kulkarni sold 47,837 shares at $49.78 in the open market after exercising 100,000 options.",
      "source": "SEC Form 4 filed 2026-10-20",
      "as_of": "2026-10-19"
    },
    {
      "claim": "Citi raised its price target to $90 with a Buy rating; Wells Fargo cut its target to $70 from $75 with an Equal-Weight rating.",
      "source": "Analyst actions reported 2026-11-04 (Benzinga, Investing.com)",
      "as_of": "2026-11-04"
    }
  ],
  "view_changes": [],
  "frame": null,
  "filed_numbers": {
    "as_of": "2026-11-13",
    "sector": "Healthcare",
    "financials": {
      "status": "ok",
      "reason": null,
      "close_date": "2026-11-13",
      "latest_quarter": "2026-09-30",
      "figures": {
        "revenue": {
          "status": "ok",
          "quarters": [
            {
              "end": "2026-09-30",
              "filed": "2026-11-02",
              "value_musd": 12.7,
              "yoy_pct": 1325.1
            },
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              "filed": "2026-08-03",
              "value_musd": 10.2,
              "yoy_pct": 1041.4
            },
            {
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              "filed": "2026-05-04",
              "value_musd": 1.5,
              "yoy_pct": 68.6
            },
            {
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              "filed": "2026-02-12",
              "value_musd": 0.9,
              "yoy_pct": -97.6
            },
            {
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              "filed": "2026-11-02",
              "value_musd": 0.9,
              "yoy_pct": 47.7
            },
            {
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              "filed": "2026-08-03",
              "value_musd": 0.9,
              "yoy_pct": 72.5
            }
          ]
        },
        "gross_margin": {
          "status": "not reported"
        },
        "operating_margin": {
          "status": "ok",
          "quarters": [
            {
              "end": "2026-09-30",
              "filed": "2026-11-02",
              "pct": -1026.5
            },
            {
              "end": "2026-06-30",
              "filed": "2026-08-03",
              "pct": -1151.8
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              "pct": -8933.3
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              "filed": "2026-02-12",
              "pct": -17912.5
            },
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              "pct": -14854.8
            },
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              "filed": "2026-08-03",
              "pct": -25709
            }
          ]
        },
        "pretax_income": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-11-02",
          "value_musd": -111.4
        },
        "net_income": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-11-02",
          "four_quarters_end": "2026-09-30",
          "value_musd": -111.4,
          "four_quarters_musd": -456.1
        },
        "operating_cash_flow": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-11-02",
          "first_end": "2025-12-31",
          "value_musd": -374.6
        },
        "capital_spending": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-11-02",
          "first_end": "2025-12-31",
          "value_musd": 2.1
        },
        "free_cash_flow": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-11-02",
          "first_end": "2025-12-31",
          "value_musd": -376.7
        },
        "diluted_share_change": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-11-02",
          "base_end": "2025-09-30",
          "pct": 6
        },
        "cash": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-11-02",
          "value_musd": 2272.5
        },
        "debt": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-11-02",
          "value_musd": 586.9,
          "composition": "long-term debt"
        },
        "net_cash": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-11-02",
          "value_musd": 1685.6
        },
        "deferred_revenue": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-11-02",
          "value_musd": 2.5,
          "yoy_pct": 96.6
        },
        "backlog": {
          "status": "not reported"
        },
        "receivables": {
          "status": "ok",
          "end": "2025-12-31",
          "filed": "2026-02-12",
          "value_musd": 0
        },
        "inventory": {
          "status": "not reported"
        },
        "equity": {
          "status": "ok",
          "end": "2026-09-30",
          "filed": "2026-11-02",
          "value_musd": 1648.1
        },
        "market_value": {
          "status": "ok",
          "close_date": "2026-11-13",
          "basis_end": "2026-10-30",
          "basis_filed": "2026-11-02",
          "value_musd": 4097.3
        },
        "enterprise_value": {
          "status": "ok",
          "close_date": "2026-11-13",
          "basis_end": "2026-10-30",
          "basis_filed": "2026-11-02",
          "value_musd": 2411.7
        },
        "ev_sales": {
          "status": "ok",
          "close_date": "2026-11-13",
          "basis_end": "2026-10-30",
          "basis_filed": "2026-11-02",
          "multiple": 95.8
        },
        "ev_ebit": {
          "status": "not meaningful"
        },
        "pe": {
          "status": "not meaningful"
        },
        "pb": {
          "status": "ok",
          "close_date": "2026-11-13",
          "basis_end": "2026-10-30",
          "basis_filed": "2026-11-02",
          "multiple": 2.5
        },
        "fcf_yield": {
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          "close_date": "2026-11-13",
          "basis_end": "2026-10-30",
          "basis_filed": "2026-11-02",
          "pct": -9.2
        }
      }
    },
    "short_interest": {
      "status": "ok",
      "settlement": "2026-10-15",
      "published": "2026-11-13",
      "short_pct_of_outstanding": 16.95,
      "days_to_cover": 10.2,
      "change_pct": -12
    },
    "insiders": {
      "status": "ok",
      "as_of": "2026-11-14",
      "windows": [
        {
          "days": 90,
          "status": "ok",
          "from": "2026-08-17",
          "bought_usd": 0,
          "sold_usd": 4881708.4,
          "bought_unpriced": 0,
          "sold_unpriced": 0
        },
        {
          "days": 365,
          "status": "ok",
          "from": "2025-11-15",
          "bought_usd": 0,
          "sold_usd": 17937521.66,
          "bought_unpriced": 0,
          "sold_unpriced": 0
        }
      ]
    }
  },
  "body_markdown": "## Current Thesis\nCRISPR Therapeutics shares are more likely to lag the S&P 500 over the next three months. The company is producing good clinical data, but the shares fell on it. They closed at a 52-week closing low of $42.62 on 2026-11-12. The zugo-cel data due at the American Society of Hematology (ASH) meeting in December is the next clinical test.\n\nThe business is moving the right way. Sales of CASGEVY, the sickle-cell and beta-thalassemia therapy CRISPR shares with Vertex, reached $99 million in the third quarter of 2026. That was up 30% from the previous quarter, according to the company's 2026-11-02 results 8-K. On 2026-11-09 the CTX310 cholesterol and triglyceride program reported a 63% fall in triglycerides after one treatment.\n\nThe shares still closed at $45.15 on 2026-11-10, down from $50.04 the session before. None of the coverage gave a reason for the drop. The rating is Low because the shares sit below both their 50-day and 200-day moving averages. Insiders sold through September and October, and the next confirmed company event, a 2026-11-17 conference appearance, is not a data event.\n\nWhat the price already reflects: cash and marketable securities were $2.28 billion on 2026-09-30, according to the 8-K. MarketBeat put the company's market value at $4.41 billion on 2026-11-10. A large part of the valuation is cash, and the market is paying little for the pipeline after positive readouts.\n\n## Bull Case\n- **CASGEVY sales are compounding.** Third-quarter 2026 CASGEVY revenue was $99 million, nearly six times the third quarter of 2025, and more than 750 patients had started treatment (company 8-K, 2026-11-02). Vertex runs the launch, and CRISPR shares profits and costs on a 60/40 split, taking the 40% share.\n- **CTX310 data beat one analyst's expectations.** One course of CTX310 cut ANGPTL3, a protein that raises blood fats, by 65% and triglycerides by 63% at Day 30 in 10 patients with severe hypertriglyceridemia, with no treatment-related serious adverse events (company release, 2026-11-09). Benzinga reported on 2026-11-10 that William Blair called the results ahead of its estimate of about 50%.\n- **Regulators gave CTX310 a faster review path.** The U.S. Food and Drug Administration (FDA) gave CTX310 Regenerative Medicine Advanced Therapy designations for severe hypertriglyceridemia and for elevated LDL cholesterol (company news, 2026-11-02).\n- **Zugo-cel is showing early activity in autoimmune disease.** In refractory systemic sclerosis, 83% of patients met the rCRISS-25 response measure at Month 3 (company update, 2026-11-08).\n- **A large cash balance pays for the pipeline.** Cash and marketable securities were $2,276.6 million on 2026-09-30, up from $1.98 billion at the end of 2025 (2026-11-02 8-K).\n- **Most covering analysts remain constructive.** Citi raised its target to $90 on 2026-11-04. Needham kept $82 on 2026-11-03, and Piper Sandler kept $110 after the 2026-11-09 data. MarketBeat's consensus target was $69.69 on 2026-11-10.\n\n## Bear Case\n- **The shares fell on good news.** The shares closed at $45.15 on 2026-11-10 after the CTX310 presentation, from $50.04 the session before. They then closed at $42.62 on 2026-11-12, the lowest close of the past year.\n- **Losses are widening.** The third-quarter 2026 net loss was $111.4 million, or $1.15 per share, against $106.4 million a year earlier (2026-11-02 8-K). Research and development spending rose to $71.9 million from $58.9 million.\n- **Company revenue is small.** CRISPR booked $12.669 million of total revenue in the third quarter of 2026 (2026-11-02 8-K). Most CASGEVY economics show up through the collaboration with Vertex rather than as product sales.\n- **Insiders sold on option exercises.** SEC Form 4 filings show Chief Executive Samarth Kulkarni sold 47,837 shares at $49.78 on 2026-10-19 after exercising 100,000 options. Director Ali Behbahani sold 13,679 shares at $57.09 on 2026-09-17, and director Simeon George sold 14,514 shares at $49.63 on 2026-10-14 under a Rule 10b5-1 trading plan.\n- **One target was cut after the quarter.** Wells Fargo lowered its target to $70 from $75 on 2026-11-04 and kept an Equal-Weight rating.\n\n## Setup & Price Structure\nThe shares closed at $42.62 on 2026-11-12, the 52-week closing low. That close is 32.8% below the 52-week intraday high of $63.45, set on 2026-07-06. The 3-month change is −20.4%, measured from a $53.55 close on 2026-08-14.\n\nBoth moving averages sit well above the price. As of 2026-11-12, the 50-day moving average was $52.38 and the 200-day was $52.58. Both are nearly flat. The $50.04 close on 2026-11-09 is the last price before the post-data drop. A move back through that close and the two averages would show buyers taking the clinical results at face value.\n\nThe closes from 2026-11-05 to 2026-11-09 ran between $48.56 and $50.07, and the shares have traded below that range since 2026-11-10. Insider sales in September and October were made between $49.26 and $60.24 (SEC Form 4 filings). Those prices sit above the current range.\n\n## Catalyst Calendar\n\n- **2026-11-17:** Management fireside chat at the 2026 Jefferies Global Healthcare Conference in London, 10:00 a.m. GMT. Management's first public comments since the shares fell after the CTX310 data; any word on CTX310 development plans or partnering would show how the company intends to fund the cardiovascular program.\n- **~2026-12 (est.):** Zugo-cel clinical data at the 68th ASH Annual Meeting. Zugo-cel data from the trial in B-cell cancers is the next clinical readout. A positive reception that lifts the shares would cut against the lag call.\n- **by 2026-12-31 (company target):** CTX611 Phase 2 update in patients undergoing total knee replacement. This is the remaining second-half 2026 pipeline milestone the company named on 2026-11-02; a miss or a delay would add to the pressure on the shares.\n- **~2027-02 (est.):** Fourth-quarter and full-year 2026 results. Shows whether CASGEVY growth continued after the $99 million third quarter and how fast cash is being spent against the $2.28 billion balance.\n\n## What Would Change Our Mind\n\nA daily close above $50.04, the 2026-11-09 close before the post-data drop, which would show the shares recovering the whole decline and leading again.\n\n## Correlation Notes\nCRISPR trades as a higher-beta biotech name: MarketBeat listed a beta of 1.92 on 2026-11-10. It tends to move with the wider biotech group and with other gene-editing developers. The shares rise and fall on clinical readouts more than on CASGEVY sales.\n\nVertex reports CASGEVY's sales, so Vertex's own quarterly reports and its launch commentary feed into the shares. CTX310 also links the stock to the cardiovascular group. Readouts from other drugs that lower triglycerides or ANGPTL3 change how investors value a one-time gene-editing treatment against repeat-dose medicines.",
  "first_seen": "2026-11-12",
  "last_analyzed": "2026-11-13T03:36:26+00:00",
  "last_synthesized": "2026-11-13",
  "date_modified": "2026-11-13",
  "license": "Content © FrontierPicks. Cite the canonical URL."
}