Leerink Partners Upgrades Intellia Therapeutics (NTLA) to Outperform
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Leerink Partners upgraded Intellia Therapeutics (NASDAQ: NTLA) from Market Perform to Outperform with a price target of $32.00 on valuation.
Analyst Michael Schmidt commented, "We believe the current valuation, close to the mid-point of the in IPO range of $16-$18, represents an attractive entry point to own one of the most exciting technology platforms Biotech has to offer. NTLA is a leader in the development of CRISPR/Cas9-based genome editing therapeutics. NTLA's platform has, in our view, disruptive potential that could significantly expand the potential of existing genome therapeutics. We have a positive view of NTLA's risk-diversified pipeline strategy and partnerships with NVS (MP) and REGN (OP) that serve as strong validation for the platform and IP position. That said, clinical proof-of-concept for CRISPR/Cas9 technology is still outstanding and we don't expect NTLA's first product to move into the clinic until 2018. We're positive on the huge potential of the technology, NTLA's management and strategy long term, with the caveat that the technology is still in early development stages. NTLA ended 2Q16 with $301M in cash and equivalents. We are updating estimates to reflect 2Q16 financial results. Our PT is $32/share."
Shares of Intellia Therapeutics closed at $17.66 yesterday.
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