Crispr Earnings: Casgevy Launch Ongoing and Trial Updates Expected in 2025; Positive Outlook

Crispr Therapeutics reported end-2024 results in line with our expectations and Crispr’s diverse pipeline is continuing to make progress. We maintain our fair value estimate of $106 per share and view shares as very undervalued. Due to Crispr’s emerging stage, we do not assign it an economic moat. Crispr provides long-term investors who possess a very high degree of risk tolerance with pure-play exposure to novel gene editing technology across a variety of diseases, including solid tumors, cardiovascular diseases, and Type 1 diabetes. We assign probabilities of approval between 0% and 20% to these candidates due to their early stages.