Intellia Therapeutics price target lowered to $39 from $43 at BofA

BofA lowered the firm’s price target on Intellia Therapeutics (NTLA) to $39 from $43 and keeps a Buy rating on the shares after the company reported a single grade 4 liver transaminase elevation in the phase 3 MAGNITUDE study for nex-z in transthyretin amyloid cardiomyopathy. Despite the relatively clean profile before today, the firm expects a safety overhang for the program until further data is available, the analyst tells investors. The firm still sees potential for a one-time treatment option in hereditary angioedema and ATTR markets, but lowers its view of the probability of success in ATTR-CM to 30% from 35% pending additional safety follow-ups for nex-z.