Canal Insurance CO Acquires 130,000 Shares of Intellia Therapeutics, Inc. $NTLA

Key Points

• Canal Insurance CO significantly increased its stake in Intellia Therapeutics during the first quarter, buying 130,000 additional shares and bringing its total holdings to 230,000 shares worth about $2.95 million.
• Insider selling was reported by two executives: EVP Edward J. Dulac III sold 4,677 shares and CAO Michael P. Dube sold 2,641 shares, with Dube’s sale noted as covering tax obligations tied to equity awards.
• NTLA shares fell 8.4% and opened at $13.02, even as the company beat quarterly EPS and revenue estimates; analysts currently rate the stock a consensus Hold with an average price target of $20.67.

Canal Insurance CO increased its holdings in Intellia Therapeutics, Inc. (NASDAQ:NTLA - Free Report) by 130.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 230,000 shares of the company's stock after purchasing an additional 130,000 shares during the period. Canal Insurance CO owned 0.19% of Intellia Therapeutics worth $2,949,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fifth Third Bancorp purchased a new stake in Intellia Therapeutics during the 1st quarter valued at approximately $38,000. Axxcess Wealth Management LLC lifted its holdings in shares of Intellia Therapeutics by 6.1% in the first quarter. Axxcess Wealth Management LLC now owns 22,707 shares of the company's stock worth $291,000 after buying an additional 1,308 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Intellia Therapeutics in the first quarter worth $1,809,000. Elevation Point Wealth Partners LLC boosted its position in shares of Intellia Therapeutics by 93.8% during the first quarter. Elevation Point Wealth Partners LLC now owns 167,807 shares of the company's stock worth $2,151,000 after acquiring an additional 81,234 shares during the last quarter. Finally, Pictet Asset Management Holding SA boosted its position in shares of Intellia Therapeutics by 47.2% during the first quarter. Pictet Asset Management Holding SA now owns 16,933 shares of the company's stock worth $217,000 after acquiring an additional 5,429 shares during the last quarter. 88.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Intellia Therapeutics

In related news, EVP Edward J. Dulac III sold 4,677 shares of the stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $18.00, for a total value of $84,186.00. Following the completion of the transaction, the executive vice president directly owned 156,286 shares of the company's stock, valued at $2,813,148. This trade represents a 2.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Michael P. Dube sold 2,641 shares of the company's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $16.78, for a total transaction of $44,315.98. Following the transaction, the chief accounting officer owned 66,886 shares in the company, valued at $1,122,347.08. The trade was a 3.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 3.50% of the stock is currently owned by insiders.

Intellia Therapeutics Stock Down 8.4%

Shares of NTLA stock opened at $13.02 on Tuesday. Intellia Therapeutics, Inc. has a 52-week low of $7.95 and a 52-week high of $28.25. The company's 50 day moving average is $14.40 and its 200 day moving average is $13.35. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of -3.68 and a beta of 1.77.

Intellia Therapeutics (NASDAQ:NTLA - Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.81) EPS for the quarter, topping the consensus estimate of ($0.92) by $0.11. The firm had revenue of $15.05 million during the quarter, compared to analyst estimates of $13.81 million. Intellia Therapeutics had a negative return on equity of 57.47% and a negative net margin of 597.04%.During the same period in the previous year, the company posted ($1.10) EPS. Analysts anticipate that Intellia Therapeutics, Inc. will post -3.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. New Street Research set a $25.00 target price on shares of Intellia Therapeutics in a research note on Monday, June 15th. Chardan Capital boosted their price target on shares of Intellia Therapeutics from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Monday, April 27th. Robert W. Baird increased their price objective on shares of Intellia Therapeutics from $7.00 to $13.00 and gave the company a "neutral" rating in a report on Monday, April 27th. Canaccord Genuity Group restated a "buy" rating and set a $49.00 price objective on shares of Intellia Therapeutics in a research report on Tuesday, June 16th. Finally, Wedbush lifted their target price on Intellia Therapeutics from $12.00 to $17.00 and gave the stock a "neutral" rating in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, ten have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $20.67.

Intellia Therapeutics Company Profile

Intellia Therapeutics, Inc NASDAQ: NTLA is a clinical‐stage biotechnology company focused on developing potentially curative genome editing therapies using the CRISPR/Cas9 platform. The company's research spans both in vivo and ex vivo applications of CRISPR/Cas9, aiming to correct or disable disease‐causing genes with a single administration. Intellia's lead in vivo program targets transthyretin amyloidosis (ATTR) by delivering CRISPR/Cas9 machinery directly to the liver, while additional preclinical efforts pursue treatments for hemophilia A, hereditary angioedema and other genetic disorders.

Beyond its in vivo pipeline, Intellia collaborates with strategic partners to extend the impact of its genome editing approach.

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