Intellia Therapeutics (NASDAQ:NTLA) Stock Price Up 9.9% - Here's What Happened

Key Points

• Intellia Therapeutics (NASDAQ:NTLA) saw a notable stock increase of 9.9% during mid-day trading, reaching a price of $18.99 after a previous close of $17.27.
• The company had a revenue increase of 104.3% year-over-year in its latest quarterly results, reporting $14.25 million in revenue despite a negative EPS of ($0.99).
• Analysts have a consensus rating of "Moderate Buy" for Intellia Therapeutics, with a median target price of $27.39 from various brokerages, indicating optimism about its future performance.

Intellia Therapeutics, Inc. (NASDAQ:NTLA - Get Free Report) was up 9.9% during trading on Wednesday . The company traded as high as $18.92 and last traded at $18.99. Approximately 1,303,982 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 4,330,466 shares. The stock had previously closed at $17.27.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on NTLA. Guggenheim reaffirmed a "buy" rating and set a $14.00 price objective on shares of Intellia Therapeutics in a research report on Wednesday, August 13th. JMP Securities reiterated a "market perform" rating on shares of Intellia Therapeutics in a research report on Friday, September 19th. Wedbush restated a "neutral" rating and set a $7.00 price objective on shares of Intellia Therapeutics in a research report on Monday, June 16th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $45.00 target price (down previously from $50.00) on shares of Intellia Therapeutics in a report on Friday, August 8th. Finally, Wall Street Zen upgraded Intellia Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, September 6th. Eleven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Intellia Therapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $27.39.

Intellia Therapeutics Trading Up 6.8%

The firm has a market cap of $1.98 billion, a P/E ratio of -3.93 and a beta of 2.28. The business has a 50-day moving average of $12.51 and a two-hundred day moving average of $10.10.

Intellia Therapeutics (NASDAQ:NTLA - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.99) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.03) by $0.04. Intellia Therapeutics had a negative net margin of 908.48% and a negative return on equity of 57.48%. The firm had revenue of $14.25 million during the quarter, compared to analysts' expectations of $12.26 million. During the same period in the prior year, the company posted ($1.52) EPS. The company's revenue was up 104.3% on a year-over-year basis. As a group, equities analysts expect that Intellia Therapeutics, Inc. will post -5.07 EPS for the current year.

Insider Activity at Intellia Therapeutics

In related news, Director William J. Chase acquired 100,000 shares of the stock in a transaction dated Wednesday, August 20th. The stock was bought at an average price of $10.03 per share, for a total transaction of $1,003,000.00. Following the purchase, the director directly owned 134,693 shares of the company's stock, valued at $1,350,970.79. The trade was a 288.24% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Edward J. Dulac III sold 7,462 shares of the company's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $14.02, for a total transaction 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 disclosure for this sale can be found here. Company insiders own 3.10% of the company's stock.

Hedge Funds Weigh In On Intellia Therapeutics

A number of hedge funds have recently added to or reduced their stakes in NTLA. Marex Group plc purchased a new stake in Intellia Therapeutics in the 2nd quarter valued at $5,849,000. Vanguard Group Inc. grew its stake in shares of Intellia Therapeutics by 5.5% in 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 in the last quarter. ARK Investment Management LLC raised its holdings in shares of Intellia Therapeutics by 3.8% in the first quarter. ARK Investment Management LLC now owns 13,011,015 shares of the company's stock valued at $92,508,000 after purchasing an additional 474,629 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Intellia Therapeutics by 73.0% during the second quarter. JPMorgan Chase & Co. now owns 940,483 shares of the company's stock worth $8,822,000 after purchasing an additional 396,858 shares during the last quarter. Finally, Schroder Investment Management Group increased its stake in Intellia Therapeutics by 1,593.4% in the 2nd quarter. Schroder Investment Management Group now owns 406,425 shares of the company's stock valued at $3,812,000 after buying an additional 382,425 shares during the last quarter. Institutional investors and hedge funds 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.

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