CRISPR Therapeutics AG, listed on NASDAQ under the ticker CRSP, has recently experienced a significant decline in short interest, indicating a notable shift in market sentiment.
The total short interest as of November 30 was 18,150,000 shares, reflecting a decrease of 6.4% from the previous total of 19,390,000 shares recorded on November 15. This reduction suggests a potential easing of bearish sentiment among investors. The company's average daily trading volume is 1,430,000 shares, resulting in a days-to-cover ratio of approximately 12.7 days.
The fluctuation in short interest comes amidst mixed analyst ratings and price targets for CRISPR Therapeutics. Royal Bank of Canada maintains a "sector perform" rating with a price target of $53.00, while StockNews.com has downgraded the stock to a "sell" rating. Needham & Company LLC and Chardan Capital have both reiterated "buy" ratings, with price targets of $84.00 and $94.00, respectively. The consensus rating for CRISPR Therapeutics remains at "Hold," with a target price averaging $77.93, indicating a cautious outlook among analysts.
Insider trading activity has also been noteworthy. CEO Samarth Kulkarni sold 30,000 shares on November 11 at an average price of $55.62, totaling approximately $1.67 million. Following this transaction, Kulkarni's remaining stake in the company is valued at around $10.93 million, representing a 13.24% reduction in his holdings. General Counsel James R. Kasinger sold 1,089 shares on October 14 for about $50,399, which reflects a 1.71% decrease in his ownership. Collectively, insiders have sold 50,382 shares worth approximately $2.74 million over the last quarter, with insiders currently holding 4.10% of the company's stock.
Institutional investors and hedge funds have also shown interest in CRISPR Therapeutics shares. Larson Financial Group LLC increased its stake by 95.5% in the second quarter, now owning 565 shares valued at $31,000. Other institutions, such as Itau Unibanco Holding S.A. and Wilmington Savings Fund Society FSB, have also established new positions in the company, indicating a growing interest among institutional investors. Currently, institutional ownership stands at 69.20%, highlighting strong backing from larger financial entities.
On the trading front, CRISPR Therapeutics saw its stock price rise by 1.1% to $44.24 during trading hours on a recent Monday. The trading volume for the day was 1,557,584 shares, slightly above the average volume of 1,508,897 shares. The company has a market capitalization of $3.78 billion, with a P/E ratio of -15.63 and a beta of 1.62, indicating higher volatility compared to the broader market. Over the past year, the stock has experienced a low of $42.86 and a high of $91.10, reflecting significant fluctuations in investor sentiment.
CRISPR Therapeutics is a leading company in gene-editing technology, focusing on developing gene-based medicines for serious diseases through its proprietary CRISPR/Cas9 platform. The company has a diverse portfolio of therapeutic programs targeting various disease areas, including hemoglobinopathies, oncology, regenerative medicine, and rare diseases. The interplay between insider transactions, institutional interest, and market sentiment will be crucial in shaping the company's future trajectory as it continues to advance its research and development initiatives in the field of gene editing.