Intellia Therapeutics (NASDAQ:NTLA) Shares Down 7.3% on Analyst Downgrade

Key Points

• Intellia Therapeutics' shares fell by 7.3% after HC Wainwright downgraded its price target from $30.00 to $25.00, despite maintaining a buy rating on the stock.
• Insider selling was noted, with EVP Edward J. Dulac III selling 7,462 shares for over $104,000, resulting in a 6.57% decrease in his position.
• The company reported a 104.3% year-over-year revenue increase, achieving $14.25 million against an expected $12.26 million in revenue for the quarter.

Intellia Therapeutics, Inc. (NASDAQ:NTLA - Get Free Report)'s share price was down 7.3% during trading on Friday after HC Wainwright lowered their price target on the stock from $30.00 to $25.00. HC Wainwright currently has a buy rating on the stock. Intellia Therapeutics traded as low as $10.71 and last traded at $10.63. Approximately 2,064,923 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 4,044,148 shares. The stock had previously closed at $11.46.

NTLA has been the subject of a number of other research reports. Wolfe Research raised Intellia Therapeutics from a "peer perform" rating to an "outperform" rating and set a $21.00 price target for the company in a research report on Monday, April 21st. Wedbush restated a "neutral" rating and set a $7.00 target price on shares of Intellia Therapeutics in a report on Monday, June 16th. Canaccord Genuity Group dropped their price target on Intellia Therapeutics from $74.00 to $54.00 and set a "buy" rating for the company in a research note on Tuesday, June 3rd. Citigroup cut their price target on shares of Intellia Therapeutics from $14.00 to $10.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Finally, Chardan Capital restated a "buy" rating and issued a $68.00 price objective on shares of Intellia Therapeutics in a report on Friday, May 9th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Intellia Therapeutics currently has a consensus rating of "Moderate Buy" and an average price target of $32.84.

Insider Activity

In related news, EVP Edward J. Dulac III sold 7,462 shares of the company's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $14.02, for a total value of $104,617.24. Following the sale, 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have sold 12,534 shares of company stock worth $153,837 in the last ninety days. 3.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Intellia Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Police & Firemen s Retirement System of New Jersey increased its holdings in shares of Intellia Therapeutics by 16.3% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 24,015 shares of the company's stock valued at $225,000 after acquiring an additional 3,365 shares in the last quarter. Geode Capital Management LLC grew its position in Intellia Therapeutics by 5.1% during the 2nd quarter. Geode Capital Management LLC now owns 2,606,222 shares of the company's stock valued at $24,449,000 after purchasing an additional 126,049 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Intellia Therapeutics by 26.3% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 27,092 shares of the company's stock valued at $254,000 after purchasing an additional 5,634 shares in the last quarter. Fox Run Management L.L.C. raised its holdings in Intellia Therapeutics by 71.8% in the second quarter. Fox Run Management L.L.C. now owns 31,792 shares of the company's stock worth $298,000 after buying an additional 13,289 shares during the last quarter. Finally, Vestmark Advisory Solutions Inc. lifted its stake in shares of Intellia Therapeutics by 104.7% in the second quarter. Vestmark Advisory Solutions Inc. now owns 638,342 shares of the company's stock worth $5,988,000 after buying an additional 326,460 shares in the last quarter. 88.77% of the stock is owned by institutional investors.

Intellia Therapeutics Stock Down 6.9%

The stock has a market cap of $1.10 billion, a PE ratio of -2.03 and a beta of 2.31. The stock's fifty day moving average price is $10.47 and its 200 day moving average price is $9.50.

Intellia Therapeutics (NASDAQ:NTLA - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.99) EPS for the quarter, beating the consensus estimate of ($1.03) by $0.04. Intellia Therapeutics had a negative return on equity of 56.06% and a negative net margin of 1,154.10%. The company had revenue of $14.25 million for the quarter, compared to analysts' expectations of $12.26 million. During the same period last year, the firm posted ($1.52) earnings per share. Intellia Therapeutics's revenue was up 104.3% compared to the same quarter last year. On average, equities research analysts expect that Intellia Therapeutics, Inc. will post -5.07 earnings per share for the current fiscal 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.

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