Canaccord Genuity Reiterates Buy Rating on Intellia Therapeutics (NTLA)

Canaccord Genuity analyst Whitney Ijem reiterated a Buy rating and $54.00 price target on Intellia Therapeutics (NASDAQ: NTLA).

The analyst commented: "NTLA shared a safety event from the ATTR-CM MAGNITUDE study this morning. A patient in his 80s was dosed with nex-z on Sept 30; on October 24, he reported abdominal pain and was subsequently admitted to the hospital and received medical intervention. The co noted that the combination of AST and ALT levels >3x ULN plus total bilirubin levels >3x ULN in this patient triggered a protocol specified pause (the co is actively engaging with the FDA; a formal hold has not been discussed yet). As of the most recent report, the patient is clinically stable. The co is also proactively pausing the MAGNITUDE-2 study of nex-z in ATTR-PN even though this event would not have triggered it at this time. While we acknowledge that a safety event is never to be taken lightly and thus think the decision to proactively pause the study is the right one, we also note that the patient reportedly seems to be recovering quickly and represents the only case of hospitalization in the >450 patients dosed with nex-z to date. As such, we think the ~45% selloff in intraday shares is a bit of an overreaction as the co works with the FDA to determine next steps."

For an analyst ratings summary and ratings history on Intellia Therapeutics click here. For more ratings news on Intellia Therapeutics click here.

Shares of Intellia Therapeutics closed at $14.79 yesterday.

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