Bank of America initiates coverage on CRISPR Therapeutics (NASDAQ:CRSP) with a Buy rating and assigns a price target of $110.

Analyst Geoff Meacham says "the company's technology platform has generated a de-risked and a potentially best-in-class curative therapy for transfusion-dependent beta-thalassemia and sickle cell disease, as well as a trio of next-gen allogeneic CAR-T therapies for both liquid and solid tumors"

"These advancements could have superior safety and convenience benefits over the current generation of autologous CAR-Ts," Meacham writes.

The company has recently gained accelerated review for CTX001 in Europe. Being co developed with Vertex, CTX001 is an autologous, ex vivo CRISPR/Cas9 gene-edited therapy for the treatment of severe sickle cell disease.

Rating pushed the stock higher to close at $86.79, up 9%.

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