Why did CRISPR Therapeutics AG (CRSP) stock plunge in the after-hours on Tuesday?

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CLNE Stock
CLNE Stock

CRISPR Therapeutics AG (CRSP) shares plunged 7.79% in after-hours on Tuesday, October 12, 2021, and closed the daily trading at $94.60. However, in the regular trading session, CRSP’s stock gained 1.93%. CRSP shares have risen 3.21% over the last 12 months, and they have moved up 0.10% in the past week. Over the past three months, the stock has lost 21.27%, while over the past six months, it has declined 16.67%.

Let’s have a brief discussion about its recent news.


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Update on CRSP CTX110

On October 12, 2021, CRISPR Therapeutics (CRSP) provided updated results from the Company’s ongoing Phase 1 CARBON trial evaluating the safety and efficacy of CTX110™, its wholly-owned allogeneic CAR-T cell therapy targeting CD19+ B-cell malignancies.

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There were no cases of Graft versus Host Disease (GvHD) and no infusion reactions to either lymphodepleting chemotherapy or CTX110. All cases of cytokine release syndrome (CRS) were Grade 1 or 2 either required no specific intervention or were resolved following standard CRS management. Only two patients experienced Grade 3 or higher infections.

CRSP hosted a virtual event

CRISPR Therapeutics (CRSP) management hosted a virtual event on October 12, 2021, at 4:30 p.m. ET to highlight clinical data from its ongoing Phase 1 CARBON trial assessing the safety and efficacy of CTX110.

CRSP upcoming poster presentations

CRISPR Therapeutics (CRSP) will do two poster presentations at the Society for Immunotherapy of Cancer (SITC) 36th Annual Meeting, to be held both virtually and at the Walter E. Washington Convention Center in Washington, D.C., from November 10 to 14, 2021.

The Company will also do an oral presentation at the SITC 2021 Pre-Conference Program, The Evolution of Immunotherapy: An Exploration of Immunity Beyond T cells, CAR T in Solid Tumors and Novel Combinations, which will be held from 2:00 p.m. – 6:00 p.m. ET on November 10, 2021.

CRSP participation in the recent conference

CRISPR Therapeutics (CRSP) recently participated in Chardan’s 5th Annual Genetic Medicines Conference, which was held on October 4, 2021.

CRSP recent financial results

On July 29, 2021, CRISPR Therapeutics (CRSP) announced its financial results for the second quarter ended June 30, 2021.

Q2 2021 financial highlights

  • CRSP earned total revenue of $900.2 million in Q2 2021 compared to $0.1 million for the second quarter of 2020.
  • R&D expenses were $108.3 million for the second quarter of 2021, compared to $59.4 million for the second quarter of 2020.
  • General and administrative expenses were $29.8 million in Q2 2021 compared to $21.4 million in Q2 2020.
  • It reported a net income of $759.2 million for Q2 2021 compared to a net loss of $79.7 million for Q2 2020.
  • The company ended the quarter with cash, cash equivalents, and marketable securities of $2,589.4 million, compared to $1,806.2 million as of March 31, 2021.

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Conclusion

Well, the recent update about CTX110 is positive news and we are not sure why CRSP stock price went down on Tuesday. We can expect it to make a recovery in the coming trading days.

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