So, why is CRISPR Therapeutics AG (CRSP) stock having a good day? It’s not just one thing. It’s a combination of some solid financial news, a pipeline that’s starting to look pretty interesting, and a whole lot of people betting against the stock who might be getting a little nervous.

The rally on Thursday is really just an extension of the good vibes from the company’s February 13 earnings report. That report showed that CRISPR’s big bet on gene editing is starting to pay real money.

Casgevy Is Making Real Money

The star of the show is Casgevy, the company’s gene-editing therapy for sickle cell disease and transfusion-dependent beta thalassemia. In the fourth quarter, it brought in $54 million. For the full year, that number was $116 million. That’s revenue, not just hope.

More importantly, patients are actually getting the treatment. In Q4 alone, 64 patients received infusions. For the full year, 147 patients initiated treatment through the first cell collection step. That’s nearly triple the level from 2024. When you see numbers like that, it starts to feel less like a science experiment and more like a real business.

As William Blair analyst Sami Corwin put it, “the increase to 147 first cell collections strengthens confidence that higher initiation volumes will translate into materially greater revenue in 2026.” In other words, this year’ patients are next year’s revenue. And the company isn’t stopping with blood disorders; it’s also pushing ahead with its in vivo liver editing programs, which could open up entirely new markets.

The Shorts Are Watching Closely

Now, here’s where it gets spicy. A lot of people are betting against CRISPR. Short interest recently rose from 21.89 million to 22.64 million shares. That represents a hefty 26.45% of the stock’s float. With an average daily trading volume of 1.71 million shares, it would take short sellers roughly 13 days to buy back all their borrowed shares if they decided to exit their positions.

Why does that matter? If the stock keeps rising on good news, those short sellers start losing money. To limit their losses, they have to buy shares to close their positions. That buying can push the price up even more, forcing other shorts to cover, and so on. It’s called a short squeeze, and it can turn a regular rally into a rocket ship. The current setup suggests the fuel is there if the positive news keeps coming.

What the Charts and Analysts Are Saying

From a technical perspective, the stock is showing strength. It’s trading 14.4% above its 20-day simple moving average and 3.0% above its 100-day average. That indicates a strong short-term move while still maintaining a positive longer-term trend. Shares are up over 33% in the past year and are hanging out closer to their 52-week highs than their lows.

For traders watching key levels, $61.00 is seen as the next major resistance point to watch, while $52.00 should act as support.

The analyst community is largely on board. The stock carries a consensus Buy rating with an average price target of $72.24. Recent moves show continued optimism:

• Chardan Capital: Maintained a Buy rating and raised its price target to $76.00 (Feb. 17).
• TD Cowen: More cautious with a Hold rating, but still raised its target to $45.00 (Feb. 13).
• Evercore ISI Group: Maintained an Outperform rating and raised its target to $74.00 (Feb. 13).

The next big scheduled event is the earnings report due on May 5. Analysts are expecting an EPS loss of $1.19 (an improvement from a loss of $1.58 a year ago) and revenue of $6.13 million.

At the time of publication on Thursday, CRISPR Therapeutics shares were up 6.30%, trading at $58.68.