In a report released today, Mitchell Kapoor from H.C. Wainwright maintained a Buy rating on Intellia Therapeutics, with a price target of $25.00.
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Mitchell Kapoor’s rating is based on several factors that suggest the market’s reaction to Intellia Therapeutics’ recent developments may be overly negative. The company’s stock experienced a significant drop following the pause in dosing for the Phase 3 trials of Nex-Z for ATTR due to a second liver event. However, Kapoor believes this reaction is exaggerated, as the current stock price does not reflect the potential value of Intellia’s other programs, such as HAE, which remains unaffected and constitutes a significant portion of the price target.
Kapoor notes that the pause in dosing is a voluntary measure under Intellia’s safety protocols, with no formal clinical hold from regulators. The liver events appear to be isolated and patient-specific rather than indicative of a systemic issue, as evidenced by the absence of similar events in over 450 patients. The management’s proactive safety measures and the potential for a resolution without further complications contribute to Kapoor’s confidence in maintaining a Buy rating, despite a modest reduction in the price target to account for potential delays and risks.
Based on the recent corporate insider activity of 24 insiders, corporate insider sentiment is neutral on the stock.