Intellia Therapeutics (NASDAQ:NTLA) Shares Gap Up After Better-Than-Expected Earnings

Intellia Therapeutics, Inc. (NASDAQ:NTLA)’s share price gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $7.29, but opened at $7.88. Intellia Therapeutics shares last traded at $7.54, with a volume of 1,229,758 shares traded.

The company reported ($1.10) EPS for the quarter, beating analysts’ consensus estimates of ($1.26) by $0.16. The business had revenue of $16.63 million during the quarter, compared to analyst estimates of $11.39 million. Intellia Therapeutics’s revenue was down 42.6% compared to the same quarter last year. During the same period last year, the business posted ($1.12) EPS.

Wall Street Analysts Forecast Growth

NTLA has been the subject of a number of research reports. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $13.00 price target (down from $45.00) on shares of Intellia Therapeutics in a research report on Friday, February 28th. Citigroup decreased their target price on Intellia Therapeutics from $14.00 to $10.00 and set a “neutral” rating on the stock in a research report on Friday. Barclays lowered their target price on Intellia Therapeutics from $55.00 to $26.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Wells Fargo & Company decreased their price objective on shares of Intellia Therapeutics from $60.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Finally, The Goldman Sachs Group restated a “sell” rating and set a $9.00 target price on shares of Intellia Therapeutics in a report on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.47.

Hedge Funds Weigh In On Intellia Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Ensign Peak Advisors Inc lifted its position in shares of Intellia Therapeutics by 2.9% during the fourth quarter. Ensign Peak Advisors Inc now owns 39,169 shares of the company’s stock worth $457,000 after purchasing an additional 1,100 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Intellia Therapeutics by 14.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 12,863 shares of the company’s stock worth $157,000 after buying an additional 1,582 shares during the period. Arizona State Retirement System lifted its holdings in Intellia Therapeutics by 6.1% in the 4th quarter. Arizona State Retirement System now owns 28,006 shares of the company’s stock worth $327,000 after buying an additional 1,615 shares in the last quarter. E Fund Management Co. Ltd. boosted its position in Intellia Therapeutics by 10.0% in the 4th quarter. E Fund Management Co. Ltd. now owns 18,053 shares of the company’s stock valued at $210,000 after buying an additional 1,634 shares during the last quarter. Finally, Virtus ETF Advisers LLC grew its stake in shares of Intellia Therapeutics by 47.7% during the fourth quarter. Virtus ETF Advisers LLC now owns 5,242 shares of the company’s stock valued at $61,000 after acquiring an additional 1,692 shares in the last quarter. Institutional investors and hedge funds own 88.77% of the company’s stock.

Intellia Therapeutics Price Performance

The stock has a 50-day moving average price of $8.13 and a 200-day moving average price of $11.06. The firm has a market capitalization of $841.09 million, a PE ratio of -1.49 and a beta of 2.33.

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.