Shares of gene-editing biotech firm CRISPR Therapeutics (CRSP) rallied as ARK Invest upped its stake in the company.
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Cathie Wood’s fund bought 133,000 shares of CRSP, a trade worth around $5 million based on a closing price of $40.30 on Thursday, January 16th.
The bid underpinned a solid session for CRSP, with the stock finishing up more than 3% higher for the day. Nevertheless, shares of the “biotech breakthrough of the century” are down by a third in the last year and 80% off the January 2021 all-time high.
Shares extended gains by more than 2% in pre-market trading on Friday.
CRSP Is Top 3 ARKG Holding
According to its most recent update, CRSP is a top three holding in the ARK Genomic Revolution ETF (ARKG), making up 6.40% of the fund. It’s also a top ten holding in the flagship ARK Innovation ETF (ARKK), with a 4.02% weighting in that fund.
Wood has been adding to her stake in recent weeks after the stock picked up a bit of momentum following its Fiscal third quarter earnings release in November. Its Q3 loss was narrower than expected, which saw a number of Wall Street analysts reiterate their Hold ratings on the stock.
ARK also bought 58,000 shares of CRSP on December 26th. Following this, the company provided an update on its 2025 goals, with a focus on the ongoing rollout of its CASGEVY sickle cell treatment.
CEO Samarth Kulkarni said, “Building on the success of CASGEVY’s launch, we continue to broaden our portfolio across oncology, autoimmune and cardiometabolic indications.”
Is CRSP a Good Stock to Buy?
Based on 20 Wall Street analyst ratings, CRSP is seen as a Moderate Buy, with 10 Buys, eight Holds and two Sells. The average CRSP price target of $65.75 implies around 63% upside from current levels. The stock is down 33% in the last year.
