Clinical-stage genome editing company Intellia Therapeutics, Inc. (NTLA) has announced the closing of the public offering of its common shares worth $690 million.
Following the news, shares of the company rose marginally to close at $164.55 in Friday’s extended trading session.
The company, which is primarily focused on developing curative therapeutics using CRISPR/Cas9 technology both in vivo and ex vivo, informed its stakeholders that it had offered 4,758,620 shares in total, including 620,689 shares exercised in full by the underwriters at a price of $145 per share. (See Intellia Therapeutics stock chart on TipRanks)
Recently, Raymond James analyst Steven Seedhouse reiterated a Buy rating on the stock and raised the price target from $106 to $168, which implies upside potential of 2.6% from current levels.
According to the analyst, Intellia Therapeutics’ impressive Phase 1 data for lead TTR amyloidosis therapeutic NTLA-2001 could act as a tailwind for the company’s future prospects.
Consensus among analysts is a Strong Buy based on 12 Buys and 3 Holds. The average Intellia Therapeutics price target of $136.27 implies downside potential of 16.8% from current levels.
Intellia Therapeutics scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock is likely to outperform market averages. Shares of the company have gained 627.9% over the past year.
Related News:
Sun Life Closes PinnacleCare Acquisition
Take-Two Interactive Software Snaps up Dynamixyz; Shares Gain
Philip Morris International to Acquire Fertin Pharma for $820M
