Crispr’s stock shoots up after bullish call from BofA Securities analyst

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Shares of Crispr Therapeutics AG shot up 7.9% in midday trading Monday, after a bullish call from BofA Securities analyst Geoff Meacham, who suggested a target that was 28% above current levels and 9.3% above the Aug. 19 record close of $100.64. Meacham started coverage of genome-editing technology company with a buy rating and $110 price target, saying he believes the Crispr’s technology platform has generated a “de-risked potentially best-in-class curative therapy for transfusion-dependent beta-thalassemia (TDT) and sickle cell disease (SCD), as well as a trio of next-generation autologous CAR-Ts.” He said the company’s Hemoglobinopathy program will have additional de-risking data in December, “leading to clarity on the path to market,” and the CAR-T programs offer “significant upside potential.” The stock has run up 41% year to date, while the iShares Nasdaq Biotechnology ETF has climbed 15.5% and the S&P 500 has gained 5.1%.
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