Leerink Partners analyst Mani Foroohar has maintained their bullish stance on NTLA stock, giving a Buy rating yesterday.
Mani Foroohar’s Buy rating on Intellia Therapeutics is grounded in a series of strategic decisions that the company has made to sharpen its focus on advancing its late-stage pipeline while also extending its financial runway. Intellia’s recent announcement to start the Phase 3 MAGNITUDE trial for NTLA-2001 in cardiomyopathy by the first quarter of 2024, alongside preparations for a Phase 3 study in polyneuropathy, showcases a commitment to tackling transthyretin amyloidosis (ATTR). Additionally, the completion of enrollment and dosing for NTLA-2002’s Phase 2 study in hereditary angioedema (HAE), with a pivotal Phase 3 trial planned for the second half of 2024, further strengthens the case for a positive outlook on the stock.
Furthermore, the company’s financial strategy, which includes a reduction in workforce and a pause on certain research-stage programs, is aimed at streamlining expenses and has successfully extended the cash runway into mid-2026. This financial prudence, combined with a robust pipeline and a substantial war chest of approximately $1 billion in cash and equivalents, positions Intellia Therapeutics favorably in the eyes of Foroohar. The careful allocation of resources towards the most promising programs and the anticipation of key data presentations in 2024 are pivotal factors contributing to the Buy rating.
In another report released yesterday, BMO Capital also assigned a Buy rating to the stock with a $62.00 price target.
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Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NTLA in relation to earlier this year.
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Intellia Therapeutics (NTLA) Company Description:
Intellia Therapeutics, Inc. engages in the development of gene editing-based therapies. It provides scientific expertise, clinical development, and intellectual property position to unlock broad therapeutic applications of CRISPR or Cas9 genome editing and develop a potential new drug class. The company was founded by Andrew May, Luciano Marraffini, Rodolphe Barrangou, Nessan Bermingham, Rachel Haurwitz, Erik Sontheimer, Jennifer Doudna, and Derrick Rossi in May 2014 and is headquartered in Cambridge, MA.
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