Shares of the developmental gene-editing company CRISPR Therapeutics (NASDAQ: CRSP) were up by 12.4% on sky-high volume as of 1:46 p.m. ET Tuesday afternoon. The big gain came in response to the biotech's strong 2023 first-quarter financial results, which it announced yesterday evening.

Although CRISPR handily beat Wall Street's consensus top-line estimate for the three-month period by approximately $75 million, the biotech's collaboration revenues are largely inconsequential at this stage of the game. After all, the company is already on exceptionally strong financial footing with nearly $1.9 billion in cash and cash equivalents at the end of Q1.

Instead, investors appear to be bidding up the gene-editing pioneer's shares today in response to the steady progress across its broad pipeline of next-generation therapies. CRISPR and partner Vertex Pharmaceuticals (NASDAQ: VRTX) recently submitted exa-cel as a treatment for both transfusion-dependent beta thalassemia and severe sickle cell disease in the U.S., the EU, and the United Kingdom.

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Source Fool.com