Intellia Therapeutics (NASDAQ:NTLA) Shares Down 6.7% – Here’s What Happened

Intellia Therapeutics, Inc. (NASDAQ:NTLA) was down 6.7% on Tuesday . The company traded as low as $8.85 and last traded at $8.83. Approximately 890,042 shares changed hands during trading, a decline of 73% from the average daily volume of 3,316,285 shares. The stock had previously closed at $9.46.

Wall Street Analyst Weigh In

A number of analysts have issued reports on NTLA shares. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $9.00 target price on shares of Intellia Therapeutics in a research note on Friday, February 28th. Barclays cut their price objective on shares of Intellia Therapeutics from $55.00 to $26.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Morgan Stanley lowered shares of Intellia Therapeutics from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $56.00 to $11.00 in a report on Monday, January 27th. Wells Fargo & Company cut their price target 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, Wedbush reiterated a “neutral” rating and issued a $10.00 price objective (down from $14.00) on shares of Intellia Therapeutics in a report on Friday, January 10th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $37.56.

Intellia Therapeutics Stock Performance

The company has a market capitalization of $954.43 million, a price-to-earnings ratio of -1.69 and a beta of 1.97. The firm has a 50-day simple moving average of $10.48 and a two-hundred day simple moving average of $14.84.

Insider Activity at Intellia Therapeutics

In other Intellia Therapeutics news, CEO John M. Leonard sold 26,807 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $12.18, for a total value of $326,509.26. Following the completion of the transaction, the chief executive officer now owns 941,115 shares of the company’s stock, valued at $11,462,780.70. This trade represents a 2.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Over the last quarter, insiders sold 29,000 shares of company stock worth $352,551. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Intellia Therapeutics

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

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.