Intellia Therapeutics price target lowered to $9 from $14 at Wedbush

Wedbush analyst David Nierengarten lowered the firm’s price target on Intellia Therapeutics (NTLA) to $9 from $14 and keeps a Neutral rating on the shares. The firm notes FDA placed a clinical hold on the Phase 3 MAGNITUDE and MAGNITUDE-2 trials of nex-z following a voluntary pause due to new safety signals of symptomatic transaminase elevation and bilirubin increase. A formal Clinical Hold Letter will be provided within 30 days. Wedbush reiterates its position that these safety signals appear target-specific rather than a class effect of LNP delivery, and views recent price action for Beam Therapeutics (BEAM) and Prime Medicine (PRME) as a buying opportunity. For Intellia’s nex-z, even after the clinical hold is resolved, the firm expects reduced market uptake against competing siRNA therapies, which do not have substantial reports of hepatic toxicity and can be discontinued in the case of adverse events.