Intellia Therapeutics (NASDAQ:NTLA) Stock Price Down 7.1% – Here’s What Happened

Intellia Therapeutics, Inc. (NASDAQ:NTLA) shares dropped 7.1% during mid-day trading on Monday . The stock traded as low as $9.35 and last traded at $9.59. Approximately 919,634 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 3,027,756 shares. The stock had previously closed at $10.32.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Wells Fargo & Company lowered their target price on shares of Intellia Therapeutics from $70.00 to $60.00 and set an “overweight” rating for the company in a report on Friday, January 10th. Oppenheimer lowered their price objective on shares of Intellia Therapeutics from $60.00 to $40.00 and set an “outperform” rating for the company in a research note on Monday, January 13th. The Goldman Sachs Group dropped their price objective on Intellia Therapeutics from $19.00 to $12.00 and set a “neutral” rating for the company in a report on Tuesday, January 14th. BMO Capital Markets reduced their target price on Intellia Therapeutics from $70.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Finally, Wedbush restated a “neutral” rating and set a $10.00 price target (down from $14.00) on shares of Intellia Therapeutics in a research note on Friday, January 10th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Intellia Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.71.

Intellia Therapeutics Stock Up 0.8 %

The business has a fifty day moving average of $12.05 and a 200 day moving average of $17.26.

Intellia Therapeutics (NASDAQ:NTLA) last released its earnings results on Thursday, November 7th. The company reported ($1.34) EPS for the quarter, beating the consensus estimate of ($1.37) by $0.03. The business had revenue of $9.10 million for the quarter, compared to analysts’ expectations of $8.28 million. The business’s quarterly revenue was down 24.1% compared to the same quarter last year. During the same quarter last year, the company posted ($1.38) earnings per share. As a group, equities analysts forecast that Intellia Therapeutics, Inc. will post -5.07 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO John M. Leonard sold 26,807 shares of Intellia Therapeutics stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $12.18, for a total value of $326,509.26. Following the completion of the transaction, the chief executive officer now owns 941,115 shares in the company, valued at approximately $11,462,780.70. This trade represents a 2.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 29,000 shares of company stock valued at $352,551 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Intellia Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC bought a new stake in Intellia Therapeutics during the second quarter valued at $866,000. Sei Investments Co. boosted its holdings in shares of Intellia Therapeutics by 24.7% during the second quarter. Sei Investments Co. now owns 9,282 shares of the company’s stock valued at $208,000 after acquiring an additional 1,837 shares during the period. Thrivent Financial for Lutherans acquired a new position in shares of Intellia Therapeutics during the second quarter valued at $679,000. Sanctuary Advisors LLC bought a new position in shares of Intellia Therapeutics during the second quarter worth about $449,000. Finally, SG Americas Securities LLC lifted its position in Intellia Therapeutics by 289.6% in the 3rd quarter. SG Americas Securities LLC now owns 24,144 shares of the company’s stock valued at $496,000 after purchasing an additional 17,947 shares during the last quarter. 88.77% of the stock is owned by institutional investors and hedge funds.

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.