Intellia Therapeutics (NASDAQ:NTLA) Shares Up 6.6% – Here’s Why

Intellia Therapeutics, Inc. (NASDAQ:NTLA)’s share price shot up 6.6% during trading on Wednesday . The stock traded as high as $6.94 and last traded at $7.10. 556,812 shares changed hands during trading, a decline of 75% from the average session volume of 2,219,580 shares. The stock had previously closed at $6.66.

Analyst Upgrades and Downgrades

Several research firms have weighed in on NTLA. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $13.00 price target (down previously from $45.00) on shares of Intellia Therapeutics in a report on Friday, February 28th. Truist Financial dropped their target price on shares of Intellia Therapeutics from $90.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Oppenheimer decreased their price target on shares of Intellia Therapeutics from $60.00 to $40.00 and set an “outperform” rating on the stock in a report on Monday, January 13th. Wells Fargo & Company dropped their price objective on shares of Intellia Therapeutics from $60.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Finally, HC Wainwright initiated coverage on Intellia Therapeutics in a research note on Wednesday, March 5th. They issued a “buy” rating and a $30.00 target price on the stock. Two research analysts have rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Intellia Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $37.56.

Intellia Therapeutics Stock Up 8.5 %

The stock has a market cap of $747.91 million, a PE ratio of -1.33 and a beta of 1.97. The business’s 50-day simple moving average is $9.86 and its 200-day simple moving average is $13.52.

Insider Buying and Selling

In other Intellia Therapeutics news, CEO John M. Leonard sold 26,807 shares of the stock in a transaction that occurred 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 completion of 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 29,000 shares of company stock valued at $352,551 over the last ninety days. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Intellia Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Regeneron Pharmaceuticals Inc. bought a new stake in Intellia Therapeutics in the fourth quarter valued at $43,177,000. Voloridge Investment Management LLC increased its position in shares of Intellia Therapeutics by 226.8% during the fourth quarter. Voloridge Investment Management LLC now owns 1,526,994 shares of the company’s stock valued at $17,805,000 after buying an additional 1,059,751 shares during the period. Contrarius Group Holdings Ltd purchased a new position in shares of Intellia Therapeutics during the fourth quarter valued at about $11,798,000. Two Sigma Advisers LP raised its stake in Intellia Therapeutics by 94.5% in the fourth quarter. Two Sigma Advisers LP now owns 1,998,317 shares of the company’s stock worth $23,300,000 after buying an additional 970,700 shares in the last quarter. Finally, Two Sigma Investments LP lifted its holdings in Intellia Therapeutics by 88.1% in the fourth quarter. Two Sigma Investments LP now owns 1,843,743 shares of the company’s stock worth $21,498,000 after buying an additional 863,363 shares during the period. 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.