CRISPR Therapeutics Reports In-Line Q1 Results; Maintaining $119 FVE, Shares Very Undervalued

CRISPR Therapeutics reported first-quarter results in line with our forecasts. Its pipeline candidates are continuing to progress in development and are tracking our expectations. We maintain our $119 fair value estimate and view the shares as very undervalued, trading in 5-star territory. While the company does not yet have approved products, it provides long-term investors with pure-play exposure to novel gene editing technology to treat severe genetic diseases. It is developing several pipeline candidates spanning a diverse range of diseases with very high unmet needs, which will likely lead to pricing power if the drugs receive approval.