Intellia Therapeutics (NASDAQ:NTLA) Shares Gap Up to $23.00

Intellia Therapeutics, Inc. (NASDAQ:NTLA) shares gapped up before the market opened on Thursday . The stock had previously closed at $23.00, but opened at $24.29. Intellia Therapeutics shares last traded at $24.04, with a volume of 103,742 shares.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NTLA. The Goldman Sachs Group cut Intellia Therapeutics from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $136.00 to $32.00 in a research note on Friday, February 23rd. Wolfe Research initiated coverage on shares of Intellia Therapeutics in a report on Thursday, February 15th. They set a “peer perform” rating for the company. Canaccord Genuity Group raised their price objective on shares of Intellia Therapeutics from $72.00 to $73.00 and gave the company a “buy” rating in a report on Friday, February 23rd. Finally, Wedbush restated a “neutral” rating and issued a $29.00 price target on shares of Intellia Therapeutics in a research note on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Intellia Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $67.00.

Intellia Therapeutics Stock Performance

The business has a 50-day moving average of $25.64 and a 200-day moving average of $27.22. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of -4.43 and a beta of 1.85.

Intellia Therapeutics (NASDAQ:NTLA) last posted its quarterly earnings data on Thursday, February 22nd. The company reported ($1.46) earnings per share for the quarter, beating the consensus estimate of ($1.47) by $0.01. Intellia Therapeutics had a negative return on equity of 43.91% and a negative net margin of 893.34%. The business had revenue of ($1.92) million during the quarter, compared to the consensus estimate of $15.10 million. During the same period in the prior year, the company earned ($1.40) earnings per share. On average, research analysts predict that Intellia Therapeutics, Inc. will post -5.57 earnings per share for the current fiscal year.

Insider Activity

In other Intellia Therapeutics news, EVP James Basta sold 2,297 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $32.99, for a total transaction of $75,778.03. Following the completion of the sale, the executive vice president now directly owns 81,571 shares of the company’s stock, valued at approximately $2,691,027.29. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.00% of the company’s stock.

Institutional Trading of Intellia Therapeutics

Hedge funds have recently made changes to their positions in the company. ARK Investment Management LLC lifted its position in Intellia Therapeutics by 14.7% in the fourth quarter. ARK Investment Management LLC now owns 11,412,449 shares of the company’s stock valued at $347,966,000 after purchasing an additional 1,463,820 shares during the period. Rhenman & Partners Asset Management AB grew its holdings in Intellia Therapeutics by 1,600.0% during the third quarter. Rhenman & Partners Asset Management AB now owns 850,000 shares of the company’s stock worth $26,877,000 after acquiring an additional 800,000 shares during the period. Norges Bank purchased a new position in Intellia Therapeutics in the fourth quarter worth $16,348,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Intellia Therapeutics in the fourth quarter valued at $9,086,000. Finally, Vestmark Advisory Solutions Inc. purchased a new stake in shares of Intellia Therapeutics during the 4th quarter worth $8,110,000. Institutional investors and hedge funds own 88.77% of the company’s stock.

About Intellia Therapeutics

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.