Up More Than 60% in 2023, Is It Too Late to Buy This Soaring Biotech Stock?
Investors looking for stocks that can make dramatic gains fairly quickly got what they wanted from CRISPR Therapeutics (NASDAQ: CRSP) this year. The stock is up more than 60% in 2023 after the company earned Food and Drug Administration (FDA) approval for its first treatment, Casgevy.
CRISPR Therapeutics is transitioning into a commercial-stage company. But new drug launches can be unpredictable, and Casgevy, which it developed with partner Vertex Pharmaceuticals (NASDAQ: VRTX), will be breaking a lot of new ground. After watching the stock rocket higher, investors are right to wonder if the gene-editing pioneer still has fuel in the tank for further gains, and if its shares are a smart buy right now.
On Dec. 8, the FDA approved Casgevy as a treatment for sickle cell disease. That condition occurs when individuals inherit from both parents faulty copies of the gene responsible for telling the body how to make hemoglobin, the protein in red blood cells that carries oxygen.
Source Fool.com