Intellia Therapeutics price target lowered to $65 from $80 at BofA

BofA analyst Alec Stranahan lowered the firm’s price target on Intellia Therapeutics (NTLA) to $65 from $80 and keeps a Buy rating on the shares following “a seemingly less impressive attack reduction” shared in NTLA-2002 Phase 2 data compared to the Phase 1 readouts for HAE at EAACI in June. Though the attack reduction falls in a similar range to competitors’ Phase 3 trials, the firm sees the “one-and-done” nature of NTLA-2002 as “a significant distinguishing factor” compared to competitors dosed anywhere from once monthly to daily and still sees a competitive market opportunity for NTLA-2002, though BofA lowered its target based on decreased peak market share expectations for NTLA-2002 and a lowered view on the odds of success for NTLA-2001 in ATTR as more platform derisking is needed.