RBC Capital downgraded Intellia Therapeutics (NTLA) to Sector Perform from Outperform with a price target of $14, down from $21. With its update on MAGNITUDE trials of nex-z, the company has reported a second materially more severe case of liver toxicity, as the patient was symptomatic, hospitalized, and serum levels did qualify for Hy’s Law, the analyst tells investors in a research note. RBC adds that while the firm appreciates that the safety risk can be mitigated going forward, the event today tilts risk/benefit profile unfavorably.
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