One of the stocks we analyzed in Thursday's Daily Market Commentary webinar was CRISPR Therapeutics (CRSP), which has gone bananas in 2018. CRSP closed in 2017 at $23.48. It has since gone on to reach an all-time high of $73.90 – a greater than 200 percent increase – in less than five months.
With the pullback and volatile consolidation of the S&P 500 during the first half of 2018, traders have been looking for high-yielding trading opportunities, and genome-editing biotech companies – like CRSP, Editas Medicine (EDIT) and Intellia Therapeutics (NTLA) – seem to offer all of the future upside these traders are looking for.
CRSP stopped its meteoric ascent after the market closed on May 30 when the Food and Drug Administration (FDA) put a hold on the company's application for a study to test its gene-editing sickle cell disease drug, CTX001. If the hold gets released, and CRSP is able to move forward with its test, the current pullback in the stock price may be an excellent buying opportunity for this red-hot stock.