CRISPR Therapeutics AG (CRSP) stock continued to soar in pre-market trading today.
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Insider Boost
The biopharmaceutical stock hit a new 52-week high last Friday after an insider bought a large number of shares, demonstrating his confidence in the company. The stock reached a high of $66.49 during midday trading, up from its previous close of $55.09, before finishing the day at $65.13.
Its stock was up nearly 2% in pre-market trading to $66.35.
Major Purchase
The major purchase was made by Director Simeon George, who executed a purchase for 989,812 shares in Crispr for $51,499,918. George now has control over a total of 1,730,179 common shares of the company, with 1,730,179 controlled indirectly. That’s valued at around $110 million based on the recent stock price.
As we can see below Crispr has seen an increase in insider trading in recent months.
This kind of insider buying is important because it suggests that the director strongly believes in the company’s future. Indeed, insiders often sell for a variety of reasons, such as asset diversification or estate planning. However, they only invest large sums of their own personal wealth for one reason: they expect the stock to go up. Therefore, moves like this often boost investor confidence, which helped drive the stock’s sharp rise following the announcement.
The company reported a net loss of $136 million for the quarter, attributed to ongoing research and development expenses and collaboration costs. However, its CASGEVY® therapy to tackle sickle-cell disease is seeing growing momentum with over 65 authorized treatment centers activated globally and significant patient engagement anticipated in 2025.
Is CRSP a Good Stock to Buy Now?
On TipRanks, CRSP has a Moderate Buy consensus based on 14 Buy and 7 Hold ratings. Its highest price target is $105. CRSP stock’s consensus price target is $69.44 implying a 6.62% upside.
