Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Orbis Global Equity Fund Brent Jackson | “Five years ago CRISPR was a popular stock among growth-oriented investors, known for pioneering CRISPR gene-editing technology. However, the biotech sentiment implosion has been so profound that we can now buy CRISPR at a discount to just the cash on its balance sheet plus the value of its commercialised therapy, Casgevy, which is used to treat sickle-cell disease and transfusion-dependent β-thalassemia. Guided by scientist-CEO Dr Samarth Kulkarni, CRISPR Therapeutics became the first company to get a CRISPR-based therapy approved by regulators. Because every patient must clear eligibility screens, undergo stem-cell harvesting, and be treated at a steadily expanding network of specialised centres, uptake follows a measured, step-like curve, unlike conventional drugs that generate revenue almost immediately after approval. Our market assessment suggests Casgevy is a multibillion-dollar opportunity with a strong competitive position and no visible patent cliff. And partnering with Vertex gives Casgevy the commercial muscle it deserves while allowing CRISPR to remain research-focused. Despite this, the market's expectations remain muted, constrained by the therapy's unusual launch trajectory. That disconnect in share price is magnified by the company's healthy balance sheet: management raised substantial capital when financing was readily accessible, enabling CRISPR to keep funding high-upside research while many peers are slashing budgets. For biotech investors, long-term returns hinge on two things: whether drug sales ultimately exceed market expectations, and whether each additional dollar of R&D earns an attractive return. Companies that succeed at both compound capital over time, while those that fail destroy it. That's why our research emphasises two essentials—identifying underappreciated drugs and backing disciplined management teams with a proven ability to allocate capital. As summarised in the table below, the Orbis Global Equity Strategy currently owns four businesses we believe meet this high bar, each trading at undemanding valuations that offer limited downside and meaningful upside. BSD Analysis: CRISPR Therapeutics has crossed the threshold from science project to commercial gene-editing company with exa-cel approval validating platform credibility. The next chapters — in vivo editing and allogeneic oncology — are where the real optionality lies. Volatility will remain intense, but the company's cash runway and partnerships provide stability. Bears point to competition and slow adoption, but the TAM for gene editing is enormous. CRSP now needs operational discipline, not scientific miracles. If execution catches up to innovation, upside is substantial. A defining platform with category-shaping potential.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
Contrarius Global Equity Fund Waystone Management Company (IE) Limited | “In December 2023, after nearly 6 years of human clinical trials, the FDA approved the first CRISPR-Cas9 gene editing therapy. This therapy is CRISPR Therapeutic's treatment for sickle cell disease. CRSP's therapy, called Casgevy, knocks out the BCL11A gene, the gene responsible for suppression of foetal haemoglobin (HbF). With the gene's activity disrupted, the body begins producing HbF on its own again. HbF naturally prevents sickle cell complications, providing a functional cure. CRSP has partnered with Vertex Pharmaceuticals to aid in commercialisation and distribution, retains 40% of profits worldwide, and has a broad pipeline beyond SCD with five clinical programs and ten preclinical programs. BSD Analysis: CRSP has first-mover advantage with an FDA-approved one-and-done gene therapy and a sizable SCD addressable market. With ~$1.7B net cash and profit-share economics with Vertex, funding risk is contained as additional indications (oncology, autoimmune, regenerative) advance. Valuation hinges on uptake, manufacturing scale, and payer acceptance, but platform optionality argues for multi-year growth. Key watch items: commercialization ramp, expansion to non-SCD indications, and durability/safety data.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
RGA Investment Advisors LLC Jason Gilbert | “After commercial approval of Casgevy, CRSP shares traded over $90. At their worst in the April crash, shares changed hands at $30, a 2/3rd discount to their post-approval peak. The trade war would ultimately have a negligible impact on CRSP, but shares dropped nearly 30% in the Spring collapse. This made little sense to us, especially given the substantial cash balance the company has built with prudent financings along the way. When we bought shares of CRSP, the company's Enterprise Value was below $800m, boasting over $1.8 billion in net cash. As the name would suggest, CRSP is a first-mover and leader in the Cell and Gene Therapy (CGT) space and the first to bring a life-changing gene editing therapy to FDA approval and commercial availability. We know the company well from following a basket of cell and gene therapy companies. CRSP's management has excelled at balancing capital discipline with R&D ambition. Now, with a commercial product and arguably the strongest balance sheet in its space, CRSP is in an enviable position, affording the opportunity to lean into its pipeline, while competitors retrench to conserve cash. We believe the company will retain over $900 million in cash by the time it turns cash flow positive. In essence, we're buying Casgevy at a steep discount and getting the pipeline and cash for free. This is one of the more asymmetric setups we've encountered. BSD Analysis: CRISPR Therapeutics is the undisputed, high-stakes leader in the gene-editing revolution, commanding a premium valuation justified by its first-mover status and a deep, multi-program pipeline. The core thesis is a conviction bet on the successful commercialization of Casgevy, its flagship gene-editing therapy for sickle cell anemia and beta-thalassemia, which has successfully completed Phase 3 trials. The company's moat is its foundational CRISPR technology—the molecular scissors used for precise DNA modification—which has applications across genetic disorders, oncology, and even agriculture. While the stock is volatile due to its reliance on clinical and regulatory milestones, its advanced pipeline and diversification across in vivo and ex vivo editing position it as the essential, long-term leader in the next generation of medicine.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.