Canaccord Genuity Group Cuts Intellia Therapeutics (NASDAQ:NTLA) Price Target to $54.00

Intellia Therapeutics (NASDAQ:NTLA - Get Free Report) had its price target decreased by investment analysts at Canaccord Genuity Group from $74.00 to $54.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock.

Several other analysts have also recently commented on NTLA. Wolfe Research raised Intellia Therapeutics from a "peer perform" rating to an "outperform" rating and set a $21.00 target price for the company in a research report on Monday, April 21st. Wells Fargo & Company dropped their price target on shares of Intellia Therapeutics from $60.00 to $50.00 and set an "overweight" rating on the stock in a research report on Friday, February 28th. Wedbush reaffirmed a "neutral" rating and set a $7.00 price objective (down from $10.00) on shares of Intellia Therapeutics in a report on Thursday, May 29th. HC Wainwright reaffirmed a "buy" rating and set a $30.00 target price on shares of Intellia Therapeutics in a research report on Thursday, May 29th. Finally, Barclays cut their price objective on shares of Intellia Therapeutics from $55.00 to $26.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Intellia Therapeutics has an average rating of "Moderate Buy" and an average price target of $34.95.

Intellia Therapeutics Price Performance

Shares of NASDAQ NTLA traded down $0.02 during mid-day trading on Tuesday, reaching $7.67. 3,965,840 shares of the company traded hands, compared to its average volume of 2,728,992. The firm has a market cap of $794.48 million, a PE ratio of -1.41 and a beta of 2.33. The stock has a fifty day simple moving average of $7.90 and a 200-day simple moving average of $10.17. Intellia Therapeutics has a fifty-two week low of $5.90 and a fifty-two week high of $28.18.

Intellia Therapeutics (NASDAQ:NTLA - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($1.10) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.26) by $0.16. The company had revenue of $16.63 million during the quarter, compared to analyst estimates of $11.39 million. During the same quarter in the previous year, the firm earned ($1.12) earnings per share. The business's revenue was down 42.6% compared to the same quarter last year. As a group, analysts predict that Intellia Therapeutics will post -5.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Intellia Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. Barclays PLC raised its position in shares of Intellia Therapeutics by 17.7% in the 3rd quarter. Barclays PLC now owns 292,795 shares of the company's stock valued at $6,017,000 after acquiring an additional 44,022 shares during the period. KBC Group NV raised its position in shares of Intellia Therapeutics by 62.4% during the fourth quarter. KBC Group NV now owns 6,093 shares of the company's stock worth $71,000 after purchasing an additional 2,340 shares during the period. Empowered Funds LLC bought a new position in shares of Intellia Therapeutics during the 4th quarter valued at about $185,000. Entropy Technologies LP acquired a new position in shares of Intellia Therapeutics in the 4th quarter valued at approximately $175,000. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Intellia Therapeutics by 14.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 12,863 shares of the company's stock valued at $157,000 after purchasing an additional 1,582 shares during the period. Institutional investors own 88.77% of the company's stock.

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.