Intellia Therapeutics price target lowered to $60 from $70 at Oppenheimer

Oppenheimer lowered the firm’s price target on Intellia Therapeutics (NTLA) to $60 from $70 and keeps an Outperform rating on the shares following quarterly results. The firm was encouraged by impressive progress in multiple areas, including positive results from Phase 2 study of NTLA-2002 in HAE at ACAAI; enrollment of Phase 3 MAGNITUDE study of NTLA-2001 in ATTR amyloidosis with cardiomyopathy ahead of schedule; IND clearance to initiate Phase 3 MAGNITUDE-2 study of NTLA-2001 in ATTR amyloidosis with polyneuropathy by year-end; new data from ongoing Phase 1 study of NTLA-2001 to be presented at AHA; and dosing 1st patient in Phase 1/2 study of inaugural in vivo program NTLA-3001 for AATD by year-end.