Citizens reduced its price target on CRISPR Therapeutics (NASDAQ:CRSP) to $80.00 from $86.00 on Friday, while continuing to rate the shares Market Outperform. At the time of the note, the updated target still implied nearly 50% upside from the stock's then-current level of $53.35, despite the shares having declined almost 4% over the prior week.
The analyst action reflects a reweighting within Citizens' discounted cash flow model - placing greater emphasis on the firm's in-vivo programs and trimming the valuation assigned to CAR-T opportunities. Citizens framed the adjustment as a recalibration of where future value is most likely to emerge within CRISPR's pipeline.
Citizens highlighted that CRISPR Therapeutics is advancing a slate of late-stage candidates, singling out in-vivo efforts targeting cardiovascular disease and metabolic conditions. The note said key early readouts for those programs are expected in 2026. The firm added that this development pathway would be supported by what it anticipates could be an inflection in sales of Casgevy, CRISPR's approved therapy.
The research team also said that a substantial portion of the company's pipeline opportunity appears undervalued in the current share price. Citizens suggested CRISPR could potentially start late-stage development in as many as seven opportunities by 2027, indicating a multi-asset development runway for the company.
Separately, the company reported preliminary clinical results for its investigational therapy zugocaptagene geleucel (zugo-cel) in the treatment of autoimmune diseases and blood cancers. CRISPR highlighted significant clinical improvements in treated patients, including a systemic lupus erythematosus patient who reportedly achieved remission for six months following treatment.
Notably, there is some divergence in analyst views across the sector. In one part of the coverage, Citizens reiterated its Market Outperform stance and was also cited as maintaining a price target of $86.00, referencing encouraging data from CTX310, the company's candidate for cholesterol-related conditions. Meanwhile, RBC Capital revised its target to $50.00 from $42.00 after third-quarter Casgevy sales of $17 million missed the $41 million consensus. Baird trimmed its target to $44.00 from $52.00, citing concerns about certain pipeline programs even as it acknowledged progress across various platforms.
These moves underscore mixed reactions from equity research desks: some analysts are focusing on recent clinical progress and longer-term pipeline value, while others are responding to near-term commercial performance and program-level uncertainties.
Key points
- Citizens lowered its CRISPR Therapeutics price target to $80.00 from $86.00 while keeping a Market Outperform rating.
- The valuation shift increases emphasis on in-vivo assets and reduces the weight of CAR-T opportunities in Citizens' DCF model.
- Analyst reactions are mixed across the market, influenced by clinical readouts, Casgevy sales, and program-level progress.
Risks and uncertainties
- Near-term commercial risk - third-quarter Casgevy sales of $17 million fell short of the $41 million consensus, a factor cited by RBC Capital.
- Pipeline development uncertainty - concerns about certain programs prompted Baird to lower its price target despite acknowledging platform progress.
- Valuation sensitivity - Citizens' adjustment reflects how shifting assumptions about in-vivo versus CAR-T prospects materially change model outcomes.
Tags: CRISPR, Biotech, Healthcare, Therapy