CAMBRIDGE, MA—Leonard John M, President and CEO of Intellia Therapeutics, Inc. (NASDAQ:NTLA), reported a recent transaction involving the sale of company stock. On January 3, 2025, Leonard sold 26,807 shares of Intellia's common stock at a price of $12.18 per share, amounting to a total transaction value of approximately $326,509. This sale was a mandatory "sell-to-cover" transaction to satisfy tax withholding obligations upon the vesting of restricted stock units (RSUs) and was not a voluntary trade. The transaction comes as Intellia's stock shows significant momentum, with a nearly 10% gain over the past week, though still trading below its 52-week high of $34.87. According to InvestingPro analysis, the stock currently appears undervalued, with 13 analysts recently revising their earnings expectations upward.
Following this transaction, Leonard retains direct ownership of 941,115 shares. Additionally, he holds 58,415 shares indirectly through the John M. Leonard 2015 Irrevocable Trust. With a market capitalization of $1.27 billion, Intellia maintains strong liquidity with a current ratio of 6.73, and InvestingPro data reveals the company holds more cash than debt on its balance sheet. Discover more insights about NTLA and other investment opportunities through InvestingPro's comprehensive research reports.
In other recent news, Intellia Therapeutics has reported significant updates on its financial status and progress in clinical programs. The company's third-quarter financials for 2024 revealed a decrease in cash reserves to $944.7 million, primarily due to operational expenses. However, these reserves are expected to support operations until late 2026. Research and development expenses were reported at $123.4 million, reflecting progress in lead programs.
Oppenheimer revised its price target for Intellia shares to $60 from $70, while maintaining an Outperform rating. This adjustment followed the release of the company's financials and was based on an updated model supporting a continued positive outlook for the firm.
Among the recent developments, the company reported positive results from a Phase 2 study of NTLA-2002 in Hereditary Angioedema. The enrollment for the Phase 3 MAGNITUDE study of NTLA-2001, aimed at treating ATTR amyloidosis with cardiomyopathy, is progressing faster than anticipated. Further advancements include the anticipated initiation of the Phase 3 MAGNITUDE-2 study of NTLA-2001 for ATTR amyloidosis with polyneuropathy and the expected dosing of the first patient in the Phase 1/2 study of NTLA-3001 for Alpha-1 Antitrypsin Deficiency by year-end.
These recent developments underscore Intellia's commitment to advancing its gene editing therapies and delivering new treatments for patients with genetic diseases.
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