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CRISPR Therapeutics Gains Support from Cathie Wood
Cathie Wood, CEO of Ark Invest, has been significantly increasing her holdings in CRISPR Therapeutics (NASDAQ: CRSP) over the past several months, most recently purchasing 1,964 shares for the Ark Innovation ETF and 649 shares for the Ark Genomic Revolution ETF on November 26. With a 5.3% weight in the Ark Innovation fund, CRISPR is now the fifth-largest position among 49 holdings, and the second-largest in the Genomic fund at 8.1%.
The biotech company gained attention after receiving approval for its blood disorder treatment, Casgevy, which is expected to generate over $100 million in revenue this year, according to partner Vertex Pharmaceuticals. Despite a 17% stock price drop since the approval, CRISPR plans to advance other candidates through clinical trials, including a new treatment targeting high triglycerides and low-density lipoprotein (LDL) levels.
Wood’s bullish stance aligns with Wall Street’s expectations for CRISPR’s stock, with predictions of a 50% increase over the next 12 months. However, the stock has plummeted more than 55% over the past five years, prompting speculation about its recovery potential amidst ongoing innovations.
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