RBC Capital analyst Luca Issi lowered the price target on Intellia Therapeutics (NASDAQ: NTLA) to $54.00 (from $60.00) while maintaining a Outperform rating.

The analyst comments "Following Phase II study that hit primary and all secondary endpoints (to be presented in 4Q) NTLA is planning to start a pivotal Phase III for HAE in 2H24 using 50 mg as the go-forward dose. On TTR-CM, pivotal trial is up and running (35 global sites across 12 countries) and NTLA is eager to look at the full HELIOS-B results to see if there are ways to potentially further optimize trial design/timing of the interims. On TTR-PN, NTLA reiterated conviction that filing in the US is possible (despite ex US trial) given US data for TTR-CM can be leveraged with the FDA. On A1AT, first patient will be dosed in 2H24 and NTLA clarified that the LNP dose will be kept constant and the dose of AAV up-titrated (still using doses materially below traditional gene therapy given genomic integration vs episomal expression). Overall, we remain buyers given we think it is best positioned for in vivo gene editing (the better approach vs ex vivo), we fundamentally believe NTLA has two drugs in two multi-billion dollar markets (TTR and HAE) and valuation discount vs CRSP makes little sense to us. Updating PT to $54 from $60 to reflect the Q."