Intellia Therapeutics price target lowered to $27 from $33 at Oppenheimer

Oppenheimer lowered the firm’s price target on Intellia Therapeutics (NTLA) to $27 from $33 and keeps an Outperform rating on the shares. The firm notes the company disclosed unfortunate news about the patient who experienced a recent case of Grade 4 liver transaminase elevations with increased total bilirubin. The patient was hospitalized on 10/24 after presenting with abdominal pain, 24 days following administration of a nex-z infusion on 09/30, and has sadly passed away. While Oppenheimer awaits additional color on the ongoing investigation and next steps, management has not yet received the FDA clinical hold letter and is therefore unable to answer most questions about potential plans to move forward with a risk mitigation strategy.