Markets
markets
Nia Warfield

CRISPR shares fall after gene-editing company’s Q2 falls short of estimates

Shares of CRISPR Therapeutics slid 4% Monday after the Swiss biotech missed Wall Street’s Q2 expectations after the bell Monday, despite growing excitement around its flagship gene-editing therapy.

CRISPR posted a wider-than-expected loss of $2.40 per share, compared to the $1.40 loss forecast by analysts polled by FactSet. Revenue climbed 71% year over year to $900,000 but still came in way below the Street’s forecast of $6.1 million.

For investors, all eyes are on Casgevy, the company’s headline therapy and the first FDA-approved treatment using CRISPR/Cas9 gene editing. Casgevy treats rare diseases like sickle cell and transfusion-dependent beta thalassemia. Casgevy is now available at more than 75 treatment centers around the world, hitting its rollout goal and opening the door for more patients to get access.

Though CRISPR codeveloped Casgevy with Vertex Pharmaceuticals, Vertex books the revenue. It reported $30.4 million in Casgevy sales this quarter, up about 114% from the previous quarter.

Despite the earnings miss, CRISPR shares are still up over 43% year to date.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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