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Investing.com - Oppenheimer has reduced its price target on Intellia Therapeutics (NASDAQ:NTLA) to $33.00 from $40.00 while maintaining an Outperform rating on the stock. Despite recent volatility, InvestingPro data shows the stock has delivered a remarkable 198% return over the past six months, with 11 analysts recently revising their earnings expectations upward.
The adjustment follows Intellia’s announcement that it has paused patient screening and dosing in the MAGNITUDE and MAGNITUDE-2 studies of its nex-z therapy after a patient experienced Grade 4 liver transaminase elevations with increased total bilirubin.
According to Oppenheimer, the patient was hospitalized on October 24 after presenting with abdominal pain, 24 days following administration of a nex-z infusion on September 30, and is currently in stable condition.
The research firm has lowered its probability of success for nex-z from 75% to 60% due to uncertainties surrounding the therapy’s outlook and potential impact on Intellia’s cash runway following this self-imposed pause.
Oppenheimer stated it is awaiting additional information on the ongoing investigation and next steps, which may be provided during Intellia’s third-quarter earnings call in the coming weeks.
In other recent news, Intellia Therapeutics has announced a pause in two Phase 3 clinical trials following a serious liver event in a patient. The trials, MAGNITUDE and MAGNITUDE-2, are focused on treating transthyretin amyloidosis with cardiomyopathy and polyneuropathy, respectively. This decision came after a patient in the MAGNITUDE study developed Grade 4 liver transaminases and increased total bilirubin, prompting hospitalization. In light of these developments, BofA Securities has lowered its price target for Intellia to $30.00 while maintaining a Buy rating, citing safety concerns.
On a more positive note, Intellia’s investigational gene therapy, nexiguran ziclumeran, has shown sustained reduction of transthyretin protein in patients with hereditary ATTR amyloidosis with polyneuropathy. The data, presented at the 5th International ATTR Amyloidosis Annual Meeting, indicated a mean TTR reduction of at least 90% through three years of follow-up. Additionally, Citizens has upgraded Intellia’s stock rating to Market Outperform, driven by a strong outlook for its hereditary angioedema opportunity. This upgrade is based on survey results showing enthusiasm for a once-and-done therapy approach.
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