Intellia Therapeutics (NASDAQ:NTLA) Shares Gap Down Following Analyst Downgrade

Intellia Therapeutics, Inc. (NASDAQ:NTLA)’s stock price gapped down before the market opened on Friday after Citizens Jmp lowered their price target on the stock from $29.00 to $21.00. The stock had previously closed at $12.32, but opened at $9.15. Citizens Jmp currently has a market outperform rating on the stock. Intellia Therapeutics shares last traded at $9.9960, with a volume of 4,987,757 shares trading hands.

Other research analysts have also recently issued reports about the stock. William Blair cut shares of Intellia Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Monday, October 27th. Robert W. Baird set a $9.00 price objective on Intellia Therapeutics in a report on Thursday, October 30th. JPMorgan Chase & Co. reissued an “underweight” rating and set a $5.00 price target (down previously from $12.00) on shares of Intellia Therapeutics in a research report on Friday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Intellia Therapeutics in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company restated an “equal weight” rating and set a $17.00 price objective (down previously from $45.00) on shares of Intellia Therapeutics in a research note on Tuesday, October 28th. Twelve equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $22.87.

Insider Activity at Intellia Therapeutics

In other Intellia Therapeutics news, CAO Michael P. Dube sold 1,871 shares of the company’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $17.38, for a total value of $32,517.98. Following the completion of the sale, the chief accounting officer directly owned 55,266 shares in the company, valued at $960,523.08. This represents a 3.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William J. Chase bought 100,000 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were purchased at an average cost of $10.03 per share, for a total transaction of $1,003,000.00. Following the completion of the acquisition, the director owned 134,693 shares of the company’s stock, valued at $1,350,970.79. This trade represents a 288.24% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 3.10% of the stock is owned by insiders.

Institutional Trading of Intellia Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of NTLA. Marex Group plc purchased a new stake in Intellia Therapeutics during the second quarter valued at about $5,849,000. Vanguard Group Inc. raised its holdings in shares of Intellia Therapeutics by 5.5% during the first quarter. Vanguard Group Inc. now owns 10,752,031 shares of the company’s stock valued at $76,447,000 after acquiring an additional 561,978 shares during the period. ARK Investment Management LLC raised its holdings in shares of Intellia Therapeutics by 3.8% during the first quarter. ARK Investment Management LLC now owns 13,011,015 shares of the company’s stock valued at $92,508,000 after acquiring an additional 474,629 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Intellia Therapeutics by 73.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 940,483 shares of the company’s stock valued at $8,822,000 after acquiring an additional 396,858 shares in the last quarter. Finally, Schroder Investment Management Group boosted 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 worth $3,812,000 after purchasing an additional 382,425 shares during the period. Institutional investors and hedge funds own 88.77% of the company’s stock.

Intellia Therapeutics Stock Performance

The stock has a market cap of $1.05 billion, a price-to-earnings ratio of -2.10 and a beta of 2.44. The business’s 50 day moving average is $17.23 and its 200 day moving average is $12.46.

Intellia Therapeutics (NASDAQ:NTLA) last released its earnings results on Thursday, November 6th. The company reported ($0.92) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.02) by $0.10. The company had revenue of $13.78 million during the quarter, compared to analyst estimates of $14.12 million. Intellia Therapeutics had a negative return on equity of 57.48% and a negative net margin of 908.48%.The company’s revenue for the quarter was up 51.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.34) earnings per share. Research analysts expect that Intellia Therapeutics, Inc. will post -5.07 earnings per share for the current 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.