On Friday, Intellia Therapeutics (NASDAQ:NTLA) was reiterated at Outperform with a $70.00 price target from Evercore ISI.
"2024 will be a year of execution for NTLA with P3 for NTLA-2001 in ATTR-CM ongoing while preparing P3 for ATTR-PN and HAE. P3 MAGNITUDE study for NTLA-2001 in ATTR-CM kicked off end of last year and will dose the first patient in 1Q," said the analysts.
The study has a slightly larger enrollment than its comparator, HELIOS-B (ALNY), and is expected to complete enrollment by the end of 2024, with a topline readout anticipated in the second half of 2027.
A pivotal external event for Intellia is the P3 readout from Alnylam Pharmaceuticals' HELIOS-B study in ATTR-CM, which is due in late June or early July. The industry is closely observing to determine if TTR silencers, such as Alnylam's vutrisiran, offer significant benefits to patients, particularly those already treated with stabilizers like tafamidis. Intellia's NTLA-2001, as a gene editor, is considered a more definitive silencer and has shown deeper TTR reduction compared to vutrisiran. The upcoming results from Alnylam's study are expected to have implications for Intellia's MAGNITUDE study.
Later in the year, Intellia anticipates Phase 2 (P2) data for NTLA-2002 in treating HAE, which will guide the dosage selection for its pivotal P3 study slated to start in the second half of the year. While the trial design has not yet been disclosed, it is anticipated to evaluate the monthly HAE attack rate over a six-month period. Intellia is targeting a Biologics License Application (BLA) submission for NTLA-2002 in 2026.
Furthermore, Intellia is advancing its pipeline with two insertion programs set to enter clinical trials this year: NTLA-3001 for Alpha-1 Antitrypsin Deficiency (AATD) and a hemophilia B program in collaboration with Regeneron (NASDAQ:REGN). The proof-of-concept data from these trials could enhance the understanding of the versatility of Intellia's gene-editing technology. Additionally, the company is exploring gene editing in non-liver tissues, beginning with a partnership with Recode Therapeutics aimed at developing treatments for cystic fibrosis.
InvestingPro Insights
As Intellia Therapeutics (NASDAQ:NTLA) forges ahead with its Phase 3 trials and advances its pipeline, investors are keeping a keen eye on the company's financial health and market performance. According to InvestingPro data, Intellia holds a market capitalization of $2.34 billion, reflecting the biotech firm's substantial presence in the industry despite its challenges. The company's Price to Earnings (P/E) ratio stands at a negative -5.11, indicative of investor expectations of future growth rather than current profitability.
InvestingPro Tips for Intellia include noting that the company holds more cash than debt on its balance sheet, which is a positive sign for financial stability. However, the firm is quickly burning through cash, which could be a concern as it funds its ongoing clinical trials. Additionally, Intellia does not pay dividends to shareholders, which is not uncommon for growth-focused biotech companies that reinvest earnings into research and development.
Investors interested in deeper analysis can find additional InvestingPro Tips that shed light on the company's financial nuances and market potential. Currently, there are 9 additional tips available on InvestingPro, which can be accessed with an extra 10% off a yearly or biyearly Pro and Pro+ subscription using the coupon code PRONEWS24.
With the next earnings date approaching on May 2, 2024, and a fair value estimation by analysts at $70.50, contrasted with InvestingPro's fair value of $30.62, the market's perspective on Intellia's valuation varies significantly. This discrepancy highlights the importance of conducting thorough research and considering diverse analytical viewpoints when evaluating investment opportunities in dynamic sectors like biotechnology.
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