Ark Favorite Crispr Drops To 2021 Low After Cancer Trial Disappoints

Ark Favorite Crispr Drops To 2021 Low After Cancer Trial Disappoints
Andrew Rummer

over 2 years ago1 min

Mentioned in story

Crispr Therapeutics shares fell after the biotech firm gave an update late Tuesday on its CAR-T cancer therapy that disappointed investors.  

The stock dropped as much as 6% to $96.01 in pre-market trading on Wednesday, the lowest since November. Crispr said a study showed the therapy cleared cancer cells in nine patients in a 24-person study.

Crispr is Ark Investment Management’s 18th biggest holding across its six actively managed funds. The investment firm founded by Cathie Wood is Crispr’s biggest shareholder, with a 10% stake.

Ark’s Genomic Revolution exchange-traded fund (ticker: ARKG) and its flagship Ark Innovation ETF (ticker: ARKK) each bought extra shares in Crispr this week, before Tuesday’s announcement. The stock’s decline creates another headache for the two funds, which are down more than 10% so far in 2021.

Wall Street analysts are still fairly bullish on Crispr shares, for now: as the chart shows, the stock is trading near a record discount to their average price target. Fifteen of 22 analysts tracked by Bloomberg rate the company a “buy” and on aggregate they see the stock gaining 67% over the next year. Let’s see if Tuesday’s update prompts any of them to lower their projections.

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