William Blair analyst Raju Prasad last night initiated coverage of Crispr Therapeutics with a Market Perform rating and $39 fair value estimate. The analyst acknowledges the innovative nature of the CRISPR/Cas9 discovery but views the most-progressed indications, targeted-beta-thalassemia and sickle cell with CTX001 and allogeneic T-cell therapy for hematological malignancies, as "hyper-competitive spaces where the company is behind the leaders in clinical development." As such, Crispr Therapeutics' current valuation adequately reflects the stage of clinical development for its product candidates, Prasad tells investors in a research note.