Wedbush Forecasts Strong Price Appreciation for Intellia Therapeutics (NASDAQ:NTLA) Stock

Intellia Therapeutics (NASDAQ:NTLA) had its price target increased by stock analysts at Wedbush from $12.00 to $17.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Wedbush’s price target would indicate a potential upside of 10.10% from the company’s previous close.

Several other analysts have also recently commented on the company. Robert W. Baird raised their target price on Intellia Therapeutics from $7.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. Truist Financial raised Intellia Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. New Street Research set a $25.00 price target on Intellia Therapeutics in a report on Monday, June 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Intellia Therapeutics in a research note on Tuesday, April 21st. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Intellia Therapeutics in a report on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $20.67.

Intellia Therapeutics Trading Down 8.3%

NASDAQ NTLA opened at $15.44 on Friday. The company has a 50-day moving average price of $14.37 and a two-hundred day moving average price of $13.29. Intellia Therapeutics has a 52 week low of $7.95 and a 52 week high of $28.25. The stock has a market cap of $2.16 billion, a price-to-earnings ratio of -4.36 and a beta of 1.77.

Intellia Therapeutics (NASDAQ:NTLA) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.81) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.11. The company had revenue of $15.05 million for 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 quarter in the previous year, the company posted ($1.10) earnings per share. As a group, equities research analysts expect that Intellia Therapeutics will post -3.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Intellia Therapeutics news, CAO Michael P. Dube sold 2,641 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $16.78, for a total transaction of $44,315.98. Following the completion of the transaction, the chief accounting officer directly owned 66,886 shares of the company’s stock, valued at approximately $1,122,347.08. This trade represents a 3.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Edward J. Dulac III sold 4,677 shares of Intellia Therapeutics stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $18.00, for a total value of $84,186.00. Following the transaction, the executive vice president owned 156,286 shares in the company, valued at approximately $2,813,148. This trade represents a 2.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. ARK Investment Management LLC raised its position in Intellia Therapeutics by 19.2% in the fourth quarter. ARK Investment Management LLC now owns 14,207,324 shares of the company’s stock worth $127,724,000 after acquiring an additional 2,288,146 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Intellia Therapeutics by 17.8% during the 4th quarter. Vanguard Group Inc. now owns 13,010,001 shares of the company’s stock valued at $116,960,000 after purchasing an additional 1,965,181 shares in the last quarter. State Street Corp boosted its position in shares of Intellia Therapeutics by 29.1% during the 4th quarter. State Street Corp now owns 6,418,836 shares of the company’s stock valued at $57,705,000 after purchasing an additional 1,447,967 shares in the last quarter. Baker BROS. Advisors LP grew its stake in shares of Intellia Therapeutics by 2.7% in the 3rd quarter. Baker BROS. Advisors LP now owns 2,746,674 shares of the company’s stock worth $47,435,000 after purchasing an additional 71,000 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Intellia Therapeutics by 4.1% in the 4th quarter. Geode Capital Management LLC now owns 2,696,187 shares of the company’s stock worth $24,243,000 after purchasing an additional 107,333 shares during the last quarter. 88.77% of the stock is 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.