Intellia Therapeutics (NASDAQ:NTLA) Stock Price Down 9.6% Following Analyst Downgrade

Shares of Intellia Therapeutics, Inc. (NASDAQ:NTLA) were down 9.6% during mid-day trading on Friday after Barclays lowered their price target on the stock from $55.00 to $26.00. Barclays currently has an overweight rating on the stock. Intellia Therapeutics traded as low as $9.52 and last traded at $9.82. Approximately 622,529 shares changed hands during trading, a decline of 81% from the average daily volume of 3,192,816 shares. The stock had previously closed at $10.86.

A number of other equities research analysts have also issued reports on NTLA. Morgan Stanley lowered Intellia Therapeutics from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $56.00 to $11.00 in a research report on Monday, January 27th. StockNews.com upgraded shares of Intellia Therapeutics to a “sell” rating in a report on Friday, November 8th. BMO Capital Markets dropped their target price on shares of Intellia Therapeutics from $70.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Wells Fargo & Company reduced their price target on Intellia Therapeutics from $60.00 to $50.00 and set an “overweight” rating for the company in a report on Friday. Finally, Wedbush reissued a “neutral” rating and set a $10.00 target price (down from $14.00) on shares of Intellia Therapeutics in a report on Friday, January 10th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $42.12.

Insider Buying and Selling

In other news, CEO John M. Leonard sold 26,807 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 941,115 shares in the company, valued at approximately $11,462,780.70. This represents a 2.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 29,000 shares of company stock worth $352,551 in the last three months. 3.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

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

Intellia Therapeutics Stock Performance

The stock has a market capitalization of $1.03 billion, a P/E ratio of -1.85 and a beta of 1.80. The business has a fifty day simple moving average of $10.90 and a 200-day simple moving average of $15.72.

Intellia Therapeutics Company Profile

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.