Intellia Therapeutics price target lowered to $64 from $80 at Stifel

Stifel lowered the firm’s price target on Intellia Therapeutics (NTLA) to $64 from $80 and keeps a Buy rating on the shares. In conjunction with the firm’s deep dive on alpha-1 antitrypsin deficiency, or AATD, the analyst is updating models to better reflect revenue contributions from three competitors’ respective AATD assets. The firm expects KB408 commercialization in 2029 in the U.S. and 2030 in the EU to precede gene editing approaches’ launch in 2030 and 2031, respectively. Consistent with the drugs’ mechanism of action, the firm expects Krystal Biotech’s (KRYS) KB408 to be chronic, requiring repeat dosing, while Beam Therapeutics’ (BEAM) BEAM-302 and Intellia’s NTLA-3001 could be one-time, potentially curative, therapies.