Intellia Therapeutics (NASDAQ:NTLA) Trading Down 9.6% – Here’s What Happened

Intellia Therapeutics, Inc. (NASDAQ:NTLA)’s stock price dropped 9.6% during trading on Monday . The stock traded as low as $7.17 and last traded at $7.30. Approximately 770,895 shares changed hands during trading, a decline of 65% from the average daily volume of 2,185,823 shares. The stock had previously closed at $8.07.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NTLA. Wells Fargo & Company dropped their target price 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. Chardan Capital cut their price objective on Intellia Therapeutics from $91.00 to $68.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Citigroup upped their target price on Intellia Therapeutics from $12.00 to $14.00 and gave the company a “neutral” rating in a report on Friday, February 28th. Wedbush reissued a “neutral” rating and set a $10.00 price objective (down from $14.00) on shares of Intellia Therapeutics in a research report on Friday, January 10th. Finally, HC Wainwright began coverage on shares of Intellia Therapeutics in a research report on Wednesday, March 5th. They issued a “buy” rating and a $30.00 target price for the company. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $37.56.

Intellia Therapeutics Stock Performance

The stock has a market capitalization of $737.66 million, a P/E ratio of -1.31 and a beta of 1.97. The business has a 50-day moving average price of $9.98 and a 200 day moving average price of $13.72.

Insider Activity at Intellia Therapeutics

In other news, CEO John M. Leonard sold 26,807 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $12.18, for a total transaction of $326,509.26. Following the sale, the chief executive officer now owns 941,115 shares in the company, valued at $11,462,780.70. This represents a 2.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last ninety days, insiders have sold 29,000 shares of company stock valued at $352,551. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Intellia Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NTLA. Regeneron Pharmaceuticals Inc. purchased a new position in shares of Intellia Therapeutics in the fourth quarter worth $43,177,000. Voloridge Investment Management LLC raised its position in Intellia Therapeutics by 226.8% in the 4th quarter. Voloridge Investment Management LLC now owns 1,526,994 shares of the company’s stock worth $17,805,000 after buying an additional 1,059,751 shares during the last quarter. Contrarius Group Holdings Ltd bought a new position in Intellia Therapeutics during the 4th quarter valued at about $11,798,000. Two Sigma Advisers LP boosted its holdings in shares of Intellia Therapeutics by 94.5% during the 4th quarter. Two Sigma Advisers LP now owns 1,998,317 shares of the company’s stock valued at $23,300,000 after acquiring an additional 970,700 shares during the last quarter. Finally, Two Sigma Investments LP boosted its holdings in shares of Intellia Therapeutics by 88.1% during the 4th quarter. Two Sigma Investments LP now owns 1,843,743 shares of the company’s stock valued at $21,498,000 after acquiring an additional 863,363 shares during the last quarter. 88.77% of the stock is owned by institutional investors.

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.