Intellia Therapeutics (NASDAQ:NTLA) Stock Price Up 6.5% – Here’s What Happened

Shares of Intellia Therapeutics, Inc. (NASDAQ:NTLA) shot up 6.5% during trading on Wednesday . The stock traded as high as $10.40 and last traded at $10.24. 317,037 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 2,981,620 shares. The stock had previously closed at $9.62.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NTLA. Wells Fargo & Company dropped their target price on Intellia Therapeutics from $70.00 to $60.00 and set an “overweight” rating on the stock in a report on Friday, January 10th. Robert W. Baird decreased their price target on shares of Intellia Therapeutics from $24.00 to $18.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Wedbush reiterated a “neutral” rating and issued a $10.00 price objective (down previously from $14.00) on shares of Intellia Therapeutics in a report on Friday, January 10th. Citigroup dropped their target price on shares of Intellia Therapeutics from $25.00 to $19.00 and set a “neutral” rating for the company in a report on Friday, October 25th. Finally, Morgan Stanley lowered Intellia Therapeutics from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $56.00 to $11.00 in a research report on Monday, January 27th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.71.

Intellia Therapeutics Stock Up 8.7 %

The company has a market cap of $1.06 billion, a P/E ratio of -1.93 and a beta of 1.80. The firm has a fifty day moving average price of $12.05 and a 200 day moving average price of $17.26.

Intellia Therapeutics (NASDAQ:NTLA) last posted its earnings results on Thursday, November 7th. The company reported ($1.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.37) by $0.03. The business had revenue of $9.10 million during the quarter, compared to analyst estimates of $8.28 million. The firm’s revenue was down 24.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.38) earnings per share. On average, sell-side analysts anticipate that Intellia Therapeutics, Inc. will post -5.07 earnings per share for the current year.

Insider Transactions at Intellia Therapeutics

In related news, CEO John M. Leonard sold 26,807 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $12.18, for a total value of $326,509.26. Following the sale, the chief executive officer now owns 941,115 shares in the company, valued at approximately $11,462,780.70. This trade represents a 2.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 29,000 shares of company stock worth $352,551 over the last three months. 3.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Intellia Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Elmwood Wealth Management Inc. grew its position in shares of Intellia Therapeutics by 0.9% during the third quarter. Elmwood Wealth Management Inc. now owns 67,774 shares of the company’s stock worth $1,393,000 after purchasing an additional 600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Intellia Therapeutics by 27.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,674 shares of the company’s stock valued at $77,000 after purchasing an additional 794 shares during the period. Capstone Investment Advisors LLC lifted its position in shares of Intellia Therapeutics by 1.4% in the 3rd quarter. Capstone Investment Advisors LLC now owns 61,129 shares of the company’s stock worth $1,256,000 after purchasing an additional 831 shares during the period. KBC Group NV grew its position in shares of Intellia Therapeutics by 37.3% in the 3rd quarter. KBC Group NV now owns 3,753 shares of the company’s stock worth $77,000 after buying an additional 1,020 shares during the last quarter. Finally, Axxcess Wealth Management LLC boosted its stake in Intellia Therapeutics by 5.4% in the third quarter. Axxcess Wealth Management LLC now owns 20,215 shares of the company’s stock valued at $415,000 after acquiring an additional 1,044 shares in the last quarter. Hedge funds and other institutional investors own 88.77% of the company’s stock.

Intellia Therapeutics Company Profile

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.