CAMBRIDGE, Mass. - Intellia Therapeutics, Inc. (NASDAQ:NTLA), a pioneer in CRISPR-based gene editing therapies, today announced the appointment of Edward Dulac as its new Executive Vice President, Chief Financial Officer (CFO), and Treasurer, starting July 22, 2024. Dulac will be taking over from Glenn Goddard, who is set to leave his position on June 30, 2024.
Edward Dulac brings over two decades of experience in the biotechnology sector, having recently held the CFO position at Fate Therapeutics (NASDAQ:FATE). His career includes significant tenure at Celgene (NASDAQ:CELG), now part of Bristol Myers (NYSE:BMY) Squibb, where he served in various roles including Vice President of Business Development & Strategy.
Dulac's background also encompasses time as a biopharmaceutical equity research analyst at Barclays (LON:BARC) Capital and Lehman Brothers, as well as in corporate finance at Pfizer (NYSE:PFE). He is a University of Pittsburgh Bachelor of Pharmacy graduate and holds an MBA from the Indiana University Kelley School of Business.
Intellia’s President and CEO, John Leonard, M.D., expressed his enthusiasm for Dulac's appointment, highlighting his extensive financial and business development expertise. Leonard anticipates that Dulac's skills will be crucial as the company prepares for future commercial success and continues to advance its leadership in the gene editing industry.
Leonard also extended gratitude to the outgoing CFO, Glenn Goddard, for his contributions to Intellia's growth and wished him well in future endeavors.
Intellia Therapeutics is at the forefront of developing in vivo and ex vivo CRISPR-based therapies for treating various diseases. The company is committed to advancing its platform and expanding its capabilities to fully leverage the potential of gene editing in medicine.
This executive transition is part of Intellia’s ongoing efforts to strengthen its leadership team and position itself for the next phase of growth. The information regarding the appointment of Edward Dulac as CFO is based on a press release statement from Intellia Therapeutics.
In other recent news, Intellia Therapeutics has been making significant strides in the medical field. The company recently reported encouraging results from a Phase 1 clinical trial, demonstrating a 90% median reduction in serum Transthyretin (TTR) after administering a follow-on dose to patients. This development is part of the broader effort to treat Transthyretin (ATTR) amyloidosis, a rare and potentially fatal disease.
Brookline Capital Markets and Stifel have both maintained their Buy rating on Intellia, while Baird has kept a Neutral stance. Brookline's endorsement comes after insights into Intellia's NTLA-2001 program for the treatment of ATTR. Stifel's reaffirmation follows the announcement of positive Phase 3 HELIOS-B trial data, which the firm views as a significant de-risking factor for the ongoing Phase 3 MAGNITUDE study.
Intellia has also seen changes in its corporate governance structure, with the majority of stockholders approving a decision to limit the liability of certain officers. Moreover, the company has appointed Brian Goff, a seasoned biopharmaceutical professional, to its Board of Directors. Fred Cohen, M.D., D.Phil., and Frank Verwiel, M.D., have been elected as class II directors for a term ending in 2027.
ARK ETFs, managed by Cathie Wood, have shown increased interest in Intellia, aligning with RBC Capital's maintained Outperform rating for the company. These developments provide investors with valuable insights into the ongoing activities and strategic decisions of Intellia Therapeutics.
InvestingPro Insights
As Intellia Therapeutics (NASDAQ:NTLA) welcomes Edward Dulac to the executive team, investors and stakeholders may find it informative to consider the company's financial health and market position. According to InvestingPro, Intellia holds more cash than debt on its balance sheet, which could provide financial flexibility for strategic initiatives under Dulac's financial leadership. Additionally, the company's liquid assets exceed short-term obligations, ensuring near-term financial stability.
From a market perspective, Intellia's market capitalization stands at approximately $2.32 billion. Despite a challenging revenue growth of -1.63% in the last twelve months as of Q1 2024, the company has experienced a significant quarterly revenue growth of 129.53% in Q1 2024. This suggests potential for future revenue expansion, which may align with the strategic goals Dulac brings to the table.
InvestingPro also highlights that Intellia's stock price movements are quite volatile, which may require active management and communication with investors to maintain confidence. It's worth noting that 9 analysts have revised their earnings upwards for the upcoming period, indicating a positive outlook on the company's performance.
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