Intellia Therapeutics: Buy Rating Affirmed Despite Safety Concerns in MAGNITUDE Study

Analyst Alec Stranahan from Bank of America Securities reiterated a Buy rating on Intellia Therapeutics (NTLA – Research Report) and decreased the price target to $39.00 from $43.00.

Alec Stranahan has given his Buy rating due to a combination of factors, despite recent safety concerns in the phase 3 MAGNITUDE study for Intellia Therapeutics’ nex-z in ATTR-CM. Although there was a reported grade 4 liver transaminase elevation, it was asymptomatic and resolved to lower grades without hospitalization. This suggests that while safety concerns are present, they are not severe enough to overshadow the potential benefits of the treatment.
Furthermore, the ATTR-CM population is significant, and the potential for a one-time treatment option in both HAE and ATTR markets remains promising. The ATTR-PN and HAE programs are progressing as planned, with expected BLA submissions and potential commercial launches in the coming years. Despite the lowered probability of success in ATTR-CM, the overall outlook for Intellia’s programs supports a Buy rating, with a revised price objective of $39.

In another report released on May 20, Evercore ISI also maintained a Buy rating on the stock with a $48.00 price target.