David Lebwohl, Executive Vice President and Chief Medical (TASE:PMCN) Officer at Intellia Therapeutics, Inc. (NASDAQ:NTLA), recently sold 9,557 shares of the company's common stock. The $1.27 billion market cap company has seen its shares rise nearly 10% over the past week, though according to InvestingPro analysis, the stock remains slightly undervalued at its current price of $12.47. The transaction, valued at approximately $116,404, was executed at a price of $12.18 per share. This sale was reported in a Form 4 filing with the Securities and Exchange Commission and was a mandatory "sell-to-cover" transaction to satisfy tax withholding obligations upon the vesting of restricted stock units, rather than a voluntary trade by Mr. Lebwohl. Following this transaction, he retains ownership of 87,666 shares in the company. Analysts maintain a bullish outlook on NTLA, with price targets ranging from $14 to $128. For deeper insights into insider trading patterns and comprehensive analysis, access the full InvestingPro Research Report, which covers this and over 1,400 other US stocks.
In other recent news, Intellia Therapeutics has reported major developments in its financial status and 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. Despite this, the reserves are expected to fund operations until late 2026. Intellia's research and development expenses amounted to $123.4 million, reflecting progress in its lead programs.
In a recent analysis, Oppenheimer adjusted its price target on Intellia shares, reducing it to $60 from the previous $70, while maintaining an Outperform rating. This adjustment followed the recent financial report and was supported by an updated model from Oppenheimer. The firm expressed confidence in Intellia's potential to deliver on its strategic goals.
Significant strides in Intellia's clinical programs were also reported. Positive results from a Phase 2 study of NTLA-2002 in Hereditary Angioedema were presented at the American College of Allergy, Asthma & Immunology meeting. The Phase 3 MAGNITUDE study of NTLA-2001, aimed at treating ATTR amyloidosis with cardiomyopathy, is progressing faster than anticipated. Furthermore, the initiation of the Phase 3 MAGNITUDE-2 study of NTLA-2001 for ATTR amyloidosis with polyneuropathy is expected by year-end, and the first patient in the Phase 1/2 study of NTLA-3001 for Alpha-1 Antitrypsin Deficiency is also expected to receive dosing by year-end. These advancements underscore Intellia's commitment to advancing its gene editing therapies.
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