Company Reports

Intellia Therapeutics' early-stage gene editing pipeline is continuing to make progress. We like that Intellia is on track to initiate the phase 3 study of NTLA-2001 for the treatment of hereditary ATTR amyloidosis with polyneuropathy by year-end. We assign this pipeline candidate a 40% probability of approval in our base case, and we think it could reach the market as early as 2026. We maintain our positive long-term outlook and fair value estimate of $85 per share. We view the stock as very undervalued, currently trading in 5-star territory. No-moat Intellia provides pure-play exposure to novel gene editing technology for long-term investors with a very high-risk tolerance.

Intellia Therapeutics’ relatively early-stage gene editing pipeline continued to make progress in the first quarter. We have raised our estimated probability of approval for NTLA-2001 for the treatment of transthyretin (ATTR) amyloidosis with cardiomyopathy and polyneuropathy to 40% from 30% as the company has quickly enrolled patients in its phase 3 trial for ATTR amyloidosis with cardiomyopathy, and it is tracking ahead of projections. We anticipate research and development costs as a percentage of sales will remain elevated over the next few years as Intellia focuses on developing its pipeline candidates.

Intellia Therapeutics is a gene editing company focused on the development of Crispr/Cas9-based therapeutics. Intellia's technology platform specializes in Clustered Regularly Interspaced Short Palindromic Repeats (Crispr)/Cas9, which precisely cuts DNA to disrupt, delete, correct, and insert genes to treat genetically defined diseases. Crispr/Cas9 has created a new class of medicines, which are well suited for targeting rare diseases or other disorders that are caused by genetic mutations.

Intellia Therapeutics’ gene editing pipeline continues to make progress. We like that Regeneron extended its technology collaboration with the company to April 2026; Intellia will receive a $30 million payment in April 2024 as part of that extension. Intellia and Regeneron are developing in vivo Crispr-based gene editing therapies focused on neurological and muscular diseases, a collaboration that will leverage Regeneron’s proprietary antibody-targeted adeno-associated virus vectors and delivery systems and Intellia’s proprietary Crispr/Cas9 systems adapted for viral vector delivery and designed to precisely modify a target gene.

Intellia Therapeutics reported third-quarter results in line with our expectations, and its pipeline candidates are continuing to progress in development. Collaboration revenue totaled $12 million for the quarter, and we appreciate that Intellia ended the quarter in a healthy financial position with about $992 million in cash and marketable securities, which will help fund its R&D expenses as it develops its pipeline candidates. We maintain our positive outlook and fair value estimate of $85 per share. We view the stock as very undervalued, currently trading in 5-star territory, about 70% below our fair value estimate.

Intellia Therapeutics reported second-quarter results in line with our expectations, and its pipeline candidates are continuing to progress in development. Collaboration revenue totaled $13.6 million, representing an 8% increase from the first quarter of 2023. We appreciate that Intellia ended the quarter in a healthy financial position with about $1.1 billion in cash and marketable securities, which will help fund its research and development expenses as it develops its pipeline candidates. We maintain our positive outlook and fair value estimate of $85 per share. We view the stock as very undervalued, currently trading in 5-star territory about 54% below our fair value estimate.

Intellia Therapeutics is a gene editing company focused on the development of CRISPR/Cas9-based therapeutics. Intellia's technology platform specializes in Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR)/Cas9, which precisely cuts DNA to disrupt, delete, correct, and insert genes to treat genetically defined diseases. CRISPR/Cas9 has created a new class of medicines, which are well suited for targeting rare diseases or other disorders that are caused by genetic mutations.

Intellia Therapeutics reported first-quarter results in line with our expectations, and its pipeline candidates are continuing to make progress. Collaboration revenue totaled $12.6 million for the quarter, representing a 12% increase from the prior year period. Intellia ended the quarter in a healthy financial position with about $1.2 billion in cash, which will help fund its research and development expenses as it develops its pipeline candidates. We maintain our positive outlook and fair value estimate of $85 per share. We view the stock as very undervalued, currently trading in 5-star territory.

Intellia Therapeutics posted fourth-quarter results in line with our expectations, and its pipeline candidates are continuing to progress in development. We maintain our positive outlook and fair value estimate of $85 per share. We view the stock as very undervalued, currently trading in 5-star territory. Collaboration revenue totaled $52 million for the year, representing a 58% increase from 2021. Intellia’s collaboration revenue was primarily driven by its joint venture with AvenCell Therapeutics and revenue from its license agreement with Kyverna Therapeutics.

Intellia reported third-quarter results in line with our expectations, and its pipeline candidates are continuing to progress in development. We maintain our positive outlook and fair value estimate of $85 per share. We view the stock as very undervalued, currently trading in 4-star territory. Collaboration revenue totaled $13 million for the quarter, which was primarily driven by Intellia’s collaborations with AvenCell and Kyverna.

Intellia Therapeutics reported solid second-quarter results in line with our expectations, and the company is continuing to make progress bringing its gene-editing medicines to market. We maintain our fair value estimate of $85 per share and view the stock as undervalued, currently trading in 4-star territory. Our no-moat rating and positive moat trend remain unchanged. Collaboration revenue totaled $14 million for the quarter, which represents 25% growth from the first quarter. The increase was primarily driven by Intellia’s collaborations with AvenCell and Kyverna.

We’ve launched coverage of Intellia Therapeutics, a gene editing company focused on the development of CRISPR/Cas9-based therapeutics. We assign Intellia a fair value estimate of $85 per share and view the stock as undervalued, currently trading in 4-star territory. While the company does not yet have approved products, it provides long-term investors with pure play exposure to novel gene editing technology to treat severe, genetic diseases. We assign Intellia a no-moat rating and positive trend. Intellia is developing several pipeline candidates spanning a diverse range of diseases with very high unmet needs, which will likely lead to pricing power if its drugs receive approval.

Intellia Therapeutics is a gene editing company focused on the development of CRISPR/Cas9-based therapeutics. Intellia's technology platform specializes in Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR)/Cas9, which precisely cuts DNA to disrupt, delete, correct, and insert genes to treat genetically defined diseases. CRISPR/Cas9 has created a new class of medicines, which are well suited for targeting rare diseases or other disorders that are caused by genetic mutations.