Intellia Therapeutics price target lowered to $48 from $60 at Evercore ISI

Evercore ISI lowered the firm’s price target on Intellia Therapeutics (NTLA) to $48 from $60 and keeps an Outperform rating on the shares after the company announced it is prioritizing its late-stage portfolio, doing away with its early stage AATD program lead by NTLA-2003 and downsizing by 27%. The moves are “not a big surprise” with the disease “finally pierced by Wave with WVE-006,” says the analyst, who thinks the bar was rising, making it more difficult for Intellia. As the firm takes NTLA-2003 out of its model, its target goes to $48, which the analyst notes is “well above shares which are trading at $12.”