Crispr Therapeutics (NASDAQ:CRSP) stock is falling on Wednesday following the release of new results from a Phase 1 clinical trial.
These results were mostly positive with the company reporting 58% overall response rate and 38% complete response rate in large B-cell lymphoma. The drug was also well-tolerated with only two patients suffering Grade 3 or higher infections.
Samarth Kulkarni, Ph.D., CEO of Crispr Therapeutics, said this in today’s news release.
“Furthermore, we have the potential to improve upon already observed efficacy with a consolidation dosing strategy. Based on these encouraging results, we are planning to expand CARBON into a potentially registrational trial in the first quarter of 2022.”
While the results are overall positive, there’s at least one sticking point that has investors upset. The durable remissions in the study come in at 21% after six months. That’s below rates acheived by similar treatments from Novartis (NYSE:NVS) and Gilead Sciences (NASDAQ:GILD).
Even so, positive results could result in further clinical trials next year. Unfortunately, even with Crispr Therapeutics talking about advancing the clinical trials and expanding them to include more patients, investors still aren’t happy.
As a result, we’re seeing heavy trading of CRSP stock today. This has some 4.5 million shares of the stock changing hands as of this writing. For the record, the company’s daily avearge trading volume is closer to 1.1 million shares.
CRSP stock was down 5.7% as of Wednesday afternoon and is down 38.7% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.