Intellia Therapeutics (NASDAQ:NTLA) Trading Down 7.3% After Analyst Downgrade

Intellia Therapeutics, Inc. (NASDAQ:NTLA)’s share price fell 7.3% during mid-day trading on Friday after Royal Bank Of Canada lowered their price target on the stock from $25.00 to $21.00. Royal Bank Of Canada currently has an outperform rating on the stock. Intellia Therapeutics traded as low as $10.71 and last traded at $10.63. 2,064,923 shares were traded during mid-day trading, a decline of 49% from the average session volume of 4,044,148 shares. The stock had previously closed at $11.46.

Other research analysts have also issued reports about the stock. Citigroup decreased their price target on shares of Intellia Therapeutics from $14.00 to $10.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Wells Fargo & Company reissued an “overweight” rating and set a $45.00 price objective (down from $50.00) on shares of Intellia Therapeutics in a research report on Friday. Canaccord Genuity Group cut their price objective on shares of Intellia Therapeutics from $74.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, June 3rd. Guggenheim cut their price objective on shares of Intellia Therapeutics from $55.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. Finally, Wolfe Research raised shares of Intellia Therapeutics from a “peer perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a research report on Monday, April 21st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $31.11.

Insider Buying and Selling at Intellia Therapeutics

In other news, EVP Edward J. Dulac III sold 7,462 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $14.02, for a total value of $104,617.24. Following the transaction, the executive vice president owned 106,062 shares in the company, valued at $1,486,989.24. This represents a 6.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders have sold 12,534 shares of company stock valued at $153,837. 3.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Intellia Therapeutics

Several institutional investors have recently made changes to their positions in NTLA. Voloridge Investment Management LLC lifted its stake in shares of Intellia Therapeutics by 226.8% in the 4th quarter. Voloridge Investment Management LLC now owns 1,526,994 shares of the company’s stock worth $17,805,000 after purchasing an additional 1,059,751 shares during the period. Two Sigma Advisers LP lifted its stake in shares of Intellia Therapeutics by 94.5% in the 4th quarter. Two Sigma Advisers LP now owns 1,998,317 shares of the company’s stock worth $23,300,000 after purchasing an additional 970,700 shares during the period. Two Sigma Investments LP raised its stake in Intellia Therapeutics by 88.1% during the 4th quarter. Two Sigma Investments LP now owns 1,843,743 shares of the company’s stock worth $21,498,000 after acquiring an additional 863,363 shares during the period. Baker BROS. Advisors LP bought a new stake in Intellia Therapeutics during the 4th quarter worth approximately $7,510,000. Finally, Vanguard Group Inc. raised its stake in Intellia Therapeutics by 5.5% during the 1st quarter. Vanguard Group Inc. now owns 10,752,031 shares of the company’s stock worth $76,447,000 after acquiring an additional 561,978 shares during the period. Institutional investors own 88.77% of the company’s stock.

Intellia Therapeutics Trading Down 5.8%

The company has a market cap of $1.12 billion, a P/E ratio of -2.30 and a beta of 2.31. The business’s 50 day simple moving average is $10.55 and its 200 day simple moving average is $9.51.

Intellia Therapeutics (NASDAQ:NTLA) last released its earnings results on Thursday, August 7th. The company reported ($0.99) EPS for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.04. Intellia Therapeutics had a negative net margin of 908.48% and a negative return on equity of 54.90%. The company had revenue of $14.25 million for the quarter, compared to analysts’ expectations of $12.26 million. During the same quarter last year, the business earned ($1.52) EPS. The firm’s revenue was up 104.3% compared to the same quarter last year. Sell-side analysts anticipate that Intellia Therapeutics, Inc. will post -5.07 EPS for the current year.

About Intellia Therapeutics

Intellia Therapeutics, Inc, a genome editing company, focuses on the development of curative therapeutics. The company's in vivo programs include NTLA-2001, which is in Phase 1 clinical trial for the treatment of transthyretin amyloidosis; NTLA-2002 for the treatment of hereditary angioedema; and NTLA-3001 for alpha-1 antitrypsin deficiency associated lung disease.