James Basta, Executive Vice President and General Counsel at Intellia Therapeutics, Inc. (NASDAQ:NTLA), recently sold 7,074 shares of the company's common stock. The shares were sold at a price of $12.18 each, totaling $86,161. Following this transaction, Basta holds 74,497 shares directly. The transaction occurred as the stock has shown notable volatility, with shares currently trading at $12.47, marking a 9.8% gain over the past week despite being down over 55% in the past year. The sale was a mandatory "sell-to-cover" transaction to satisfy tax withholding obligations related to the vesting of restricted stock units, rather than a voluntary trade. According to InvestingPro data, analysts maintain a bullish outlook on NTLA, with price targets ranging from $14 to $128. The company maintains strong liquidity with a current ratio of 6.73, indicating robust short-term financial health. For deeper insights into NTLA's valuation and financial metrics, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Intellia Therapeutics has reported notable advancements in its latest financials and ongoing clinical programs. The company's third-quarter financials for 2024 revealed research and development expenses of $123.4 million and general and administrative expenses of $30.5 million. Despite these outlays, Intellia's cash reserves, while reduced to $944.7 million, are projected to fund operations until late 2026.
Analysts at Oppenheimer have subsequently adjusted their price target for Intellia from $70 to $60, yet maintained an outperform rating. This adjustment reflects recent financial results, but does not diminish the firm's confidence in Intellia's potential to meet strategic goals.
In terms of clinical developments, Intellia has reported positive Phase 2 results for NTLA-2002, a treatment for Hereditary Angioedema, and has gained FDA clearance for the IND application of NEX-Z, a therapy for hereditary ATTR Amyloidosis with Polyneuropathy. The company also anticipates the initiation of a Phase 3 MAGNITUDE-2 study of NTLA-2001 for ATTR amyloidosis with polyneuropathy and the commencement of dosing in a Phase 1/2 trial of NTLA-3001 for Alpha-1 Antitrypsin Deficiency by year-end. These developments underscore Intellia's commitment to advancing gene-editing therapies and delivering new treatments for patients with genetic diseases.
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