Intellia Therapeutics (NASDAQ:NTLA) Trading Down 9.6% on Analyst Downgrade

Intellia Therapeutics, Inc. (NASDAQ:NTLA) dropped 9.6% during mid-day trading on Friday after Barclays lowered their price target on the stock from $55.00 to $26.00. Barclays currently has an overweight rating on the stock. Intellia Therapeutics traded as low as $9.52 and last traded at $9.82. Approximately 622,529 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 3,192,816 shares. The stock had previously closed at $10.86.

A number of other equities research analysts have also issued reports on NTLA. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $90.00 target price on shares of Intellia Therapeutics in a research note on Tuesday, November 19th. Citigroup increased their price objective on Intellia Therapeutics from $12.00 to $14.00 and gave the company a “neutral” rating in a research note on Friday. Wedbush reissued a “neutral” rating and issued a $10.00 target price (down previously from $14.00) on shares of Intellia Therapeutics in a research note on Friday, January 10th. BMO Capital Markets decreased their price target on shares of Intellia Therapeutics from $70.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $13.00 price target (down from $45.00) on shares of Intellia Therapeutics in a report on Friday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Intellia Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $42.12.

Insider Buying and Selling

In other Intellia Therapeutics news, CEO John M. Leonard sold 26,807 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $12.18, for a total transaction of $326,509.26. Following the completion of the sale, the chief executive officer now owns 941,115 shares of the company’s stock, valued at approximately $11,462,780.70. The trade was a 2.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last quarter, insiders sold 29,000 shares of company stock valued at $352,551. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Intellia Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of NTLA. Polar Asset Management Partners Inc. increased its position in shares of Intellia Therapeutics by 1,144.1% in the fourth quarter. Polar Asset Management Partners Inc. now owns 282,400 shares of the company’s stock worth $3,293,000 after acquiring an additional 259,700 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in Intellia Therapeutics during the 4th quarter worth $25,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Intellia Therapeutics by 5.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 483,185 shares of the company’s stock valued at $5,634,000 after purchasing an additional 23,173 shares in the last quarter. Voloridge Investment Management LLC raised its position in Intellia Therapeutics by 226.8% in the fourth quarter. Voloridge Investment Management LLC now owns 1,526,994 shares of the company’s stock valued at $17,805,000 after purchasing an additional 1,059,751 shares during the period. Finally, Vestal Point Capital LP acquired a new position in shares of Intellia Therapeutics during the fourth quarter worth about $6,122,000. 88.77% of the stock is owned by institutional investors and hedge funds.

Intellia Therapeutics Price Performance

The company has a market cap of $1.03 billion, a PE ratio of -1.85 and a beta of 1.80. The company has a 50-day moving average price of $10.85 and a two-hundred day moving average price of $15.64.

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.