Why This Analyst Has 'Little Conviction' On CRISPR's Upcoming Trial Data

RBC Capital Markets says it remains on the sidelines given commercial uptake for CRISPR Therapeutics' CRSP sickle cell disease (SCD)/beta-thalassemia (BT) capped by preconditioning and has little conviction in BCMA/CD70 data within weeks.
The analysts lowered its price target to $85 from $95 to reflect higher Opex, with a Sector Perform rating.
As recently reported by partner Vertex Pharmaceuticals Incorporated VRTX, more than 75 patients have been dosed for SCD/BT.
FDA marketing application submission remains on track for late-22.
Assuming timelines are respected, CRSP may be first to market for SCD, bluebird bio Inc BLUE guiding 1Q23 filing but not BT (BLUE's PDUFA date is August 19, 2022).
VRTX/ CRSP also announced two additional Phase 3 studies to enroll pediatric patients.
RBC continues to see a commercial opportunity capped by current preconditioning (BLUE/CRSP think 20-30% of patients would be good candidates, RBC's KOL argues 3-5%) and a space that is becoming increasingly more crowded.
The analysts also say that they have little conviction in upcoming data.
CRSP continues enrollment in the Phase I CARBON study, which recently expanded to a pivotal trial with additional data expected in 2022.
"We like all the progress (and acknowledge that CRSP is the first company to start a pivotal trial for allogeneic CART), but we favor Allogene Therapeutics Inc ALLO given directionally superior durability," the analysts wrote.
"We continue to wonder why CRSP has yet to present their data at a medical meeting ~2.5 years post-study start," they added.
Price Action: CRSP shares are up 11.2% at $48.06 during the market session on the last check Tuesday.

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