Intellia Therapeutics (NASDAQ:NTLA) Stock Price Down 6% – Here’s What Happened

Intellia Therapeutics, Inc. (NASDAQ:NTLA) traded down 6% during trading on Tuesday . The company traded as low as $8.80 and last traded at $8.75. 453,637 shares were traded during mid-day trading, a decline of 79% from the average session volume of 2,115,428 shares. The stock had previously closed at $9.31.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Wells Fargo & Company cut their price objective on shares of Intellia Therapeutics from $60.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Oppenheimer cut their price target on shares of Intellia Therapeutics from $60.00 to $40.00 and set an “outperform” rating on the stock in a report on Monday, January 13th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $13.00 price objective (down previously from $45.00) on shares of Intellia Therapeutics in a research note on Friday, February 28th. BMO Capital Markets cut their target price on Intellia Therapeutics from $70.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Finally, Wedbush reaffirmed a “neutral” rating and set a $10.00 price target (down from $14.00) on shares of Intellia Therapeutics in a research report on Friday, January 10th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $37.56.

Intellia Therapeutics Price Performance

The firm’s 50 day moving average price is $10.07 and its two-hundred day moving average price is $14.05. The stock has a market cap of $901.01 million, a PE ratio of -1.60 and a beta of 1.97.

Insider Buying and Selling

In other Intellia Therapeutics news, CEO John M. Leonard sold 26,807 shares of the stock in a transaction on Friday, January 3rd. The stock was 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 legal filing with the SEC, which is available at this link. In the last ninety days, insiders sold 29,000 shares of company stock valued at $352,551. Company insiders own 3.20% of the company’s stock.

Institutional Trading of Intellia Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp grew its holdings in Intellia Therapeutics by 17.9% during the 3rd quarter. State Street Corp now owns 5,143,534 shares of the company’s stock valued at $105,700,000 after buying an additional 780,754 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in Intellia Therapeutics by 125.2% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 120,997 shares of the company’s stock valued at $1,411,000 after acquiring an additional 67,276 shares in the last quarter. Patient Square Capital LP purchased a new position in Intellia Therapeutics during the third quarter valued at approximately $2,642,000. Charles Schwab Investment Management Inc. increased its holdings in Intellia Therapeutics by 4.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 827,545 shares of the company’s stock worth $17,006,000 after acquiring an additional 37,714 shares during the period. Finally, Avanza Fonder AB purchased a new stake in Intellia Therapeutics in the 4th quarter worth approximately $421,000. 88.77% of the stock is currently 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.