Crispr Therapeutics initiated with a Market Perform at Bernstein

Bernstein initiated coverage of Crispr Therapeutics with a Market Perform rating and $44 price target. The analyst expects the Exa-cel launch to outperform, but says 60% of the value of this program has already been monetized through the Vertex deal. In oncology, Crispr needs to improve its cell persistence before it can have a competitive CD19 product, the analyst tells investors in a research note. The firm believes the shares are currently fairly valued.