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

• Barclays says that CRISPR Therapeutics AG's (NASDAQ: 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 (NASDAQ: BLUE) (still guiding 1Q23 filing) may have narrowed.

• Overall, RBC struggles with the commercial case for SCD and read Pfizer Inc's (NYSE: PFE) buyout of Global Blood Therapeutics Inc (NASDAQ: 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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