Wedbush Raises Intellia Therapeutics (NASDAQ:NTLA) Price Target to $17.00

Key Points

• Wedbush raised its price target on Intellia Therapeutics to $17 from $12, while keeping a neutral rating. The new target suggests about 10% upside from the current share price.
• The stock was down 8.3% and opened at $15.44 on Friday, with shares trading above both the 50-day and 200-day moving averages. Intellia also has a consensus Hold rating and a consensus price target of $20.67.
• In its latest quarterly results, Intellia reported a smaller-than-expected loss of ($0.81) per share and revenue of $15.05 million, both beating estimates. However, the company remains unprofitable, and insiders recently sold shares while institutional ownership stayed high at 88.77%.

Intellia Therapeutics (NASDAQ:NTLA - Get Free Report) had its target price boosted by research analysts at Wedbush from $12.00 to $17.00 in a research note issued on Friday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Wedbush's price objective would indicate a potential upside of 10.10% from the stock's current price.

A number of other research firms also recently commented on NTLA. Wall Street Zen downgraded shares of Intellia Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, May 16th. The Goldman Sachs Group upped their target price on shares of Intellia Therapeutics from $8.00 to $9.00 and gave the company a "sell" rating in a research note on Tuesday, April 28th. Sanford C. Bernstein increased their price target on shares of Intellia Therapeutics from $13.00 to $17.00 and gave the stock a "market perform" rating in a research report on Wednesday, May 13th. Citizens Jmp reaffirmed a "market outperform" rating and set a $30.00 price target on shares of Intellia Therapeutics in a research report on Monday, June 15th. Finally, Truist Financial upgraded Intellia Therapeutics to a "strong-buy" rating in a research note on Wednesday, March 25th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $20.67.

Intellia Therapeutics Stock Down 8.3%

NTLA stock opened at $15.44 on Friday. The stock's 50 day moving average is $14.37 and its two-hundred day moving average is $13.29. Intellia Therapeutics has a 52-week low of $7.95 and a 52-week high of $28.25. The company has a market capitalization of $2.16 billion, a PE ratio of -4.36 and a beta of 1.77.

Intellia Therapeutics (NASDAQ:NTLA - Get Free Report) last released its earnings results on Monday, May 11th. The company reported ($0.81) EPS for the quarter, beating the consensus estimate of ($0.92) by $0.11. The company had revenue of $15.05 million during the quarter, compared to analysts' expectations 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 prior year, the business posted ($1.10) EPS. As a group, sell-side analysts anticipate that Intellia Therapeutics will post -3.18 EPS for the current year.

Insider Buying and Selling at Intellia Therapeutics

In other news, EVP Edward J. Dulac III sold 4,677 shares of Intellia Therapeutics stock in a transaction dated 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 approximately $2,813,148. The trade was a 2.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Michael P. Dube sold 2,641 shares of the business's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $16.78, for a total transaction of $44,315.98. Following the sale, the chief accounting officer directly owned 66,886 shares of the company's stock, valued at approximately $1,122,347.08. This represents a 3.80% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 3.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Intellia Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. ARK Investment Management LLC raised its position in shares of Intellia Therapeutics by 19.2% during the 4th quarter. ARK Investment Management LLC now owns 14,207,324 shares of the company's stock worth $127,724,000 after purchasing an additional 2,288,146 shares during the period. Vanguard Group Inc. grew its stake in Intellia Therapeutics by 17.8% during the 4th quarter. Vanguard Group Inc. now owns 13,010,001 shares of the company's stock worth $116,960,000 after buying an additional 1,965,181 shares during the last quarter. State Street Corp increased its position in Intellia Therapeutics by 29.1% in the fourth quarter. State Street Corp now owns 6,418,836 shares of the company's stock worth $57,705,000 after buying an additional 1,447,967 shares during the period. Baker BROS. Advisors LP increased its position in Intellia Therapeutics by 2.7% in the third quarter. Baker BROS. Advisors LP now owns 2,746,674 shares of the company's stock worth $47,435,000 after buying an additional 71,000 shares during the period. Finally, Geode Capital Management LLC lifted its stake in Intellia Therapeutics by 4.1% in the fourth quarter. Geode Capital Management LLC now owns 2,696,187 shares of the company's stock valued at $24,243,000 after buying an additional 107,333 shares during the last quarter. 88.77% of the stock is currently owned by institutional investors and hedge funds.

About Intellia Therapeutics

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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