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CRISPR Therapeutics (CRSP) holds $2.56B in pro forma cash after a $600M convertible note issuance, funding pipeline advancement through clinical development without near-term capital raises. CASGEVY gene therapy generated $116M in 2025 revenue with patient initiations nearly tripling year-over-year, and a pediatric label expansion (ages 5-11) with regulatory submissions expected in H1 2026 could expand the addressable market. CTX310 demonstrated strong early cardiovascular results published in the New England Journal of Medicine and is advancing to Phase 1b.
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Piper Sandler raised its price target to $110 (implying 120% upside) based on CRSP’s extended cash runway enabling simultaneous advancement of multiple pipeline programs and accelerating CASGEVY commercial traction with upcoming pediatric label expansion.
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CRISPR Therapeutics (NASDAQ:CRSP) has had a rough stretch lately. Shares have dropped 5% over the past week and are down 8% year-to-date, trading around $49.37 as of Tuesday morning. Piper Sandler, however, just raised its target to $110, implying more than 120% upside from current levels. But can CRSP realistically reach $110 by the end of 2026?
The catalyst behind Piper Sandler’s revised target is a freshly issued $600M convertible note due March 2031, convertible at $76.56 per share with an effective coupon of 1.73%. The firm, which maintains an Overweight rating, estimates that CRISPR Therapeutics now holds pro forma cash of $2.56B. That balance sheet depth extends the company’s runway to advance multiple pipeline programs through clinical development without near-term capital raises, a critical de-risking factor for a pre-profitability biotech.
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CASGEVY commercial momentum: The approved gene therapy generated $116M in full-year 2025 revenue, with patient initiations nearly tripling year-over-year and 30 patients receiving infusions in Q4 alone. A pediatric label expansion covering ages 5-11 with regulatory submissions expected in H1 2026 could meaningfully expand the addressable market.
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Cardiovascular pipeline with published data: CTX310 is advancing to Phase 1b after demonstrating strong early results in data published in the New England Journal of Medicine. A successful program here could reframe the company’s long-term revenue profile entirely.
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Deep cash runway enabling pipeline execution: With $2.56B in pro forma cash, CRISPR Therapeutics can advance CTX340 (refractory hypertension, trial initiation expected H1 2026), CTX460, zugo-cel in autoimmune diseases, and CTX611 simultaneously without dilutive equity raises.
At $110 per share against 95,985,000 shares outstanding, reaching the Piper Sandler target would imply a significant premium to the current market cap of $4.745B. Getting there likely requires CASGEVY patient volumes to continue accelerating through 2026, the pediatric label expansion to receive FDA approval, and at least one cardiovascular or autoimmune pipeline readout to validate the next growth wave. Sustained institutional conviction would also need to hold, given that institutions currently own approximately 79% of shares.
The primary risk is clear: CRISPR Therapeutics continues to generate significant operating losses with no near-term path to profitability, making execution on every pipeline milestone non-negotiable. Still, with $2.56B in cash, a commercially approved gene therapy gaining traction, and a pipeline spanning cardiovascular disease and autoimmune conditions, Piper Sandler’s $110 target reflects a credible, if ambitious, long-term value case for investors willing to accept biotech-level volatility.
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