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Investing.com - William Blair downgraded Intellia Therapeutics (NASDAQ:NTLA) from Outperform to Market Perform following the company’s announcement of a clinical trial pause. The stock, which has seen a remarkable 191% surge over the past six months according to InvestingPro data, currently trades with a market capitalization of $1.59 billion.
Intellia revealed Monday that it has voluntarily paused enrollment and dosing in its Phase III MAGNITUDE and MAGNITUDE-2 studies for ATTR-cardiomyopathy and ATTR-polyneuropathy, respectively.
The pause comes after a patient in the MAGNITUDE study was hospitalized with abdominal pain and subsequently developed grade 4 increases in liver enzymes within the past 72 hours.
The company is investigating its TTR gene editor nex-z (NTLA-2001) following this adverse event, which prompted William Blair’s rating change.
William Blair cited "current uncertainties surrounding safety of NTLA-2001 and related dynamics regarding the remainder of patient enrollment for the MAGNITUDE studies" as the basis for its downgrade decision.
In other recent news, Intellia Therapeutics has paused patient dosing and screening in its Phase 3 clinical trials due to a serious liver event in a patient. The trials affected include the MAGNITUDE study for transthyretin amyloidosis with cardiomyopathy (ATTR-CM) and MAGNITUDE-2 for transthyretin amyloidosis with polyneuropathy (ATTR-PN). This decision follows a patient experiencing Grade 4 liver transaminase elevations and increased total bilirubin, necessitating hospitalization. As a result, several analyst firms have revised their outlooks on Intellia. RBC Capital downgraded the stock from Outperform to Sector Perform, citing the liver toxicity case, and adjusted its price target to $14.00 from $21.00. Bernstein also downgraded Intellia from Outperform to Market Perform, slightly raising its price target to $14.50, while BofA Securities lowered its price target to $30.00 but maintained a Buy rating. Oppenheimer, on the other hand, maintained an Outperform rating but reduced its price target to $33.00. These developments reflect ongoing safety concerns impacting Intellia’s clinical trials and their potential implications.
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