Crispr Therapeutics ended Q2 with cash of $428M, and when including the $175M Vertex upfront and draw-downs, the company could now hold pro forma cash of ~$656M, Piper Jaffray analyst Edward Tenthoff tells investors in a research note. Crispr announced that the first beta thalassemia patient remains transfusion independent for greater than four months since engraftment, representing the first clinical proof of concept for a CRISPR/Cas9 therapy, adds the analyst. Further, he notes that the first sickle cell disease patient was treated with CTX001 in the U.S. Tenthoff reiterates an Overweight rating on Crispr Therapeutics with a $100 price target.