Truist Financial Lowers Price Target for Intellia Therapeutics

Intellia Therapeutics (NASDAQ:NTLA) has recently faced changes in its stock price forecast. Truist Financial has adjusted its price target for the company from $90.00 to $50.00 in a report released on Tuesday. Despite this reduction, the firm still holds a "buy" rating for the stock, indicating confidence in its potential for growth. The new price target suggests a significant upside of approximately 459.60% based on the stock's previous closing price.

Other financial institutions have also revisited their predictions for Intellia Therapeutics. For instance, Barclays has lowered its price target from $55.00 to $26.00 but maintained an "overweight" rating. Meanwhile, William Blair reaffirmed a "neutral" rating with a target of $14.00, and Wedbush also kept a "neutral" stance, adjusting its price objective down to $10.00 from $14.00. BMO Capital Markets has also cut its price target from $70.00 to $50.00 while rating the stock as "outperform." In total, there is a diverse range of opinions about Intellia Therapeutics, with two analysts issuing sell ratings, six providing hold ratings, ten recommending buy, and one giving a strong buy designation. According to MarketBeat data, the overall consensus rating for the stock stands at "Moderate Buy," with an average price target of $38.00.

Stock Performance and Market Indicators

On Tuesday, shares of Intellia Therapeutics experienced a decline of 5.4%, trading down by $0.52 and reaching a price of $8.94. The trading volume for the company was reported at 2,937,642 shares, which is slightly lower than its average volume of 3,278,839 shares. The stock has a 52-week range with a low of $8.30 and a high of $32.42. Intellia has an approximate market capitalization of $924.92 million and a PE ratio of -1.64, reflecting its current financial status. Additionally, its 50-day moving average price is $10.80, while the 200-day moving average stands at $15.46.

Insider Transactions

In related news, CEO John M. Leonard sold 26,807 shares of the company last Friday for around $326,509.26, at an average share price of $12.18. Following this sale, he retains ownership of 941,115 shares valued at approximately $11.46 million, marking a 2.77% reduction in his holdings. The details of this transaction have been filed with the SEC and are publicly accessible. In the past 90 days, insiders have sold a total of 29,000 shares worth around $352,551, highlighting a 3.20% insider ownership of the company’s stock.

Institutional Investor Activity

Several hedge funds and institutional investors have recently adjusted their positions in Intellia Therapeutics. Mirae Asset Global Investments Co. Ltd. increased its stake by 27.6% during the third quarter and now holds 3,674 shares valued at $77,000 after adding 794 shares. Harbor Capital Advisors Inc. also raised its position significantly, by 71.0%, now owning 79,205 shares valued at $1.63 million. Furthermore, ARK Investment Management LLC grew its holdings in the company by 5.7%, owning 12,255,440 shares worth approximately $251.85 million. Lewis Asset Management LLC increased its investment by 42.5%, while Atria Investments Inc. boosted its holdings by 24.3%. Collectively, institutional investors control about 88.77% of Intellia's shares.

Company Overview

Intellia Therapeutics is a prominent genome editing company that is dedicated to developing curative therapies. The company focuses on various in vivo programs, including NTLA-2001, which is in Phase 1 clinical trials for treating transthyretin amyloidosis. Additionally, NTLA-2002 is being developed for hereditary angioedema, and NTLA-3001 targets alpha-1 antitrypsin deficiency related lung disease.

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