Intellia Therapeutics (NTLA) stock plummeted on Monday after the biotechnology company announced an update from its MAGNITUDE and MAGNITUDE-2 Phase 3 clinical trials. These clinical trials tested the use of the company’s nex-z gene-editing technology as a treatment for transthyretin amyloidosis with cardiomyopathy (ATTR-CM) and polyneuropathy (ATTR-PN). ATTR-CM is an often fatal condition in which abnormal transthyretin protein fibrils build up in the heart, while ATTR-PN affects peripheral nerves on both sides of the body, causing weakness, fatigue, and numbness.
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The big news today is that Intellia Therapeutics has initiated a temporary pause of its nex-z clinical trials after a patient in the MAGNITUDE study suffered Grade 4 liver transaminases and increased total bilirubin. This is the highest level of liver transaminases and is a severe injury that can lead to liver failure, putting the patient’s life at risk. The patient has been hospitalized, is being monitored, and is receiving medical intervention.
Intellia President and CEO John Leonard said, “In line with our commitment to patient safety, we have taken immediate action to temporarily pause enrollment in MAGNITUDE and MAGNITUDE-2 as we investigate this recent event. As we focus on ensuring the health of this patient, we also are engaging with regulatory authorities and other stakeholders globally to develop a strategy to resume enrollment as soon as appropriate.”
Intellia Therapeutics Stock Movement Today
Intellia Therapeutics stock was down 44.06% in pre-market trading on Monday, following a 1.12% drop on Friday. The stock was up 119.55% year-to-date and 56.67% over the past 12 months.
With today’s news came limited trading of NTLA stock. This had some 2.8 million shares traded, compared to a three-month daily average of about 7.01 million units.
Is Intellia Therapeutics Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Intellia Therapeutics is Strong Buy, based on 17 Buy and one Hold rating over the past three months. With that comes an average NTLA stock price target of $31.81, representing a potential 24.26% upside for the shares.
