Intellia Therapeutics downgraded to Neutral from Buy at BofA

BofA analyst Alec Stranahan downgraded Intellia Therapeutics (NTLA) to Neutral from Buy with a price target of $14, down from $30. Intellia’s Phase 3 trial pause due to a Grade 4 liver safety event and subsequent FDA clinical hold has weighed on shares, notes the analyst, who points out that nex-z, Intellia’s “largest value driver,” is now delayed likely for at least a few months with a potentially more complicated path to market. While the firm still has value for HAE in its model, the analyst also notes there is a risk to this program if safety issues are not related to the target, as the company has suggested, but instead the lipid nanoparticle or something common between programs.