Shares in Crispr Therapeutics (CRSP) fell 4% in Monday’s after-hours trading, after the gene-focused biopharma reported disappointing second quarter earning results.Specifically, second quarter GAAP EPS of -$1.30 fell short of Street estimates by $0.39 while collaboration revenue of $0.04M missed by $19.73M. The revenue also represented a significant year-over-year drop of 87.5%. CRSP also reported cash and cash equivalents of $945.1M.Crispr also gave a few business updates, revealing that:1) dosing has resumed in ongoing CTX001 Ph1/2 trials for hemoglobinopathies (SCD & ß-Thalassemia), and CRSP expects new data in 2020;2) CTX110 enrollment remains ongoing and CRSP expects topline data from the open-label study by YE20;3) CTX120 study in r/r-MM continues dosing and could have data in 1H21;4) CTX130 clinical studies in solid and hematological tumors initiated with data expected in 2021; and5) CRSP entered a research collaboration with UHN expanding the company’s regenerative medicine portfolio.Following the report, Oppenheimer analyst Jay Olson reiterated his buy rating on the stock with a price target of $109 up from $89 previously. With shares up 51% year-to-date, his new price target indicates upside potential of 14%.“We update our model with a 75% PoS [probability of success] estimate for CTX001 driving our new $105 PT” the analyst explained, adding that he is impressed by the continued progress of studies as they overcome COVID-19 challenges.CTX001 is an investigational ex vivo CRISPR gene-edited therapy that is being evaluated for patients suffering from TDT or severe SCD in which a patient’s hematopoietic stem cells are engineered to produce high levels of fetal hemoglobin (HbF; hemoglobin F) in red blood cells.“Overall, we view CRSP’s development strategy as well thought out: the Clinical pipeline is most focused on improving “established” approaches via CRISPR while more complex projects (in vivo editing) are pursued in a second wave” the analyst continued.Indeed, the Street has a bullish Strong Buy consensus on CRSP stock with an average analyst price target of $93 (1% upside potential). (See CRSP stock analysis on TipRanks)Related News: AstraZeneca To Pay Up To $6B For Daiichi Cancer Drug Deal Spectrum Pops 71% On ‘Positive’ Data For Lung Cancer Treatment TCR2 Therapeutics Releases Positive Solid Tumor Data More recent articles from Smarter Analyst: * Spectrum Pops 71% In After-Hours On ‘Positive’ Data For Lung Cancer Treatment * Intel Is Now Ordering Chips From TSMC Following Delays * Hasbro Reports Q2 Earnings Drop; Shares Fall 7% * F5 Networks Beats 3Q Estimates, Stock Drops 4% in After-Hours