Analysts See Softened Timelines For CRISPR Therapeutics' Sickle Cell Candidate In US

Barclays says that CRISPR Therapeutics AG's CRSP Q2 FY22 earnings release was largely incremental, highlighting the progress of multiple clinical programs, including the goal of on-track regulatory submissions for CTX001 in SCD/BT by YE22 and CTA submission for VCTX211 (next generation) for Type 1 Diabetes (T1D) in 2H22.
Though investors are focused on BLA submission for CTX001, the analyst expects a high probability of approval even with some delay.
But Barclays has moved to the sidelines, given some questions on the durability of the allogeneic CAR-T programs and the lack of other major data catalysts in the next 12 months.
CRSP is downgraded to Equal Weight with a price target of $88.
RBC Capital notes that though SCD/BT filing remains on track for YE-22 in the EU, the Q2 release no longer cites US filing by YE-22, suggesting timing advantage vs. bluebird bio Inc BLUE (still guiding 1Q23 filing) may have narrowed.
Overall, RBC struggles with the commercial case for SCD and read Pfizer Inc's PFE buyout of Global Blood Therapeutics Inc GBT as indirect evidence that gene therapy/editing is unlikely to disrupt the market in the foreseeable future materially.
RBC has lowered the price target from $85 to $78, reiterating the Sector Perform rating.
Price Action: CRSP shares are down 6.32% at $76.25 during the market session on the last check Tuesday.

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