Crispr Therapeutics won its second gene-editing approval on Tuesday — two months ahead of expectations. But CRSP stock slipped at the close.
The Food and Drug Administration signed off on Crispr's drug, Casgevy, for patients age 12 and older with beta thalassemia. Crispr developed Casgevy with Vertex Pharmaceuticals. Beta thalassemia is an inherited blood disorder. Many patients require frequent blood transfusions.
Originally, the FDA was due to make a decision on Casgevy for this patient population in March. The drug gained approval last year for patients with another genetic blood disorder called sickle cell disease. Both diseases are tied to the body's ability to make hemoglobin, a protein that helps red blood cells deliver oxygen throughout the body. Then, CRSP stock tumbled.
"On the heels of the historic FDA approval of Casgevy for sickle cell disease, it is exciting to now secure approval for (transfusion-dependent beta thalassemia) well ahead of the (potential approval) date," Vertex Chief Executive Reshma Kewalramani said in a statement.
On today's stock market, CRSP stock slipped 1.3% to close at 63.43. Meanwhile, VRTX stock rose 0.9%, ending the regular session at 437.49.
CRSP Stock Meanders, But VRTX Stock Is On A Warpath
Shares of Vertex stock have risen exponentially since mid-December. On Dec. 13, the company announced promising test results for its non-opioid pain treatment. After surging 13.2% and breaking out of a flat base with a buy point of 387.42, VRTX stock has climbed an additional 8%.
CRSP stock, on the other hand, has mostly traded sideways over recent weeks. But shares have a strong Relative Strength Rating of 91, according to IBD Digital. This puts them in the top 9% of all stocks based on 12-month performance.
MarketSmith.com shows Crispr stock is sitting on a floor at its 50-day moving average.
Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
