Intellia Therapeutics price target lowered to $25 from $30 at H.C. Wainwright

H.C. Wainwright analyst Mitchell Kapoor lowered the firm’s price target on Intellia Therapeutics (NTLA) to $25 from $30 and keeps a Buy rating on the shares after pausing dosing in the Phase 3 trials of Nex-Z for ATTR following a second liver event. The firm, which cuts its blended odds of approval for Nex-Z in ATTR to 40% from 50% and lowers its price target to reflect modest delay and potential safety risk, believes the market reaction “over-discounts a single-program safety issue and offers a potential reentry point if no hold is imposed,” the analyst tells investors. The firm also notes that Intellia’s new is driving broad weakness across gene-editing, including for Crispr Therapeutics (CRSP), Editas Medicines (EDIT) and Metagenomi (MGX).