Goldman Sachs analyst Salveen Richter downgraded Intellia Therapeutics (NTLA) to Sell from Neutral with a price target of $9, down from $12, following the Q4 report. The firm awaits the Phase 3 data from the company’s nexiguran ziclumeran and NTLA-2002 programs to gain clarity on their overall profiles. In the meantime, it takes a conservative view given competitive and commercial dynamics for nexiguran ziclumeran in transthyretin amyloidosis and nucresiran. Goldman also notes limited catalysts for Intellia, saying the further Phase 1 data from both programs will be largely incremental, and a lack of pipeline optionality post the strategic reorganization. It sees a challenging commercial outlook for Intellia Therapeutics.
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