Crispr: Shares Very Undervalued, as Early-Stage Pipeline Makes Progress and Casgevy Launch Underway

No-moat Crispr Therapeutics announced progress across its early-stage portfolio at an investor conference. Clinical trials are ongoing for Crispr’s next-generation CAR-T product candidates, CTX112 and CTX131, targeting CD19 and CD70, respectively, across multiple indications. Positive data for CTX112 in a phase 1/2 trial demonstrates strong efficacy comparable with autologous therapies, a tolerable safety profile, and robust cell expansion. We assign this candidate a 20% probability of approval in our base case, and we anticipate it could reach the market as early as 2028.