Intellia Therapeutics risk-reward 'now skewed to the upside'

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Intellia Therapeutics risk-reward 'now skewed to the upside' - BMO Capital Markets

Stock Markets Mar 14, 2023 11:48AM ET

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Intellia Therapeutics risk-reward 'now skewed to the upside' - BMO Capital Markets

NTLA

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By Sam Boughedda

Intellia Therapeutics (NASDAQ:NTLA) was lifted to Outperform from Market Perform by BMO Capital Markets analysts on Monday after the close, with them also raising the firm's price target on the stock to $57 from $54 per share.

They believe the risk-reward for the stock is "now skewed to the upside" and that the recent NTLA-2002 IND approval removed a significant overhang for NTLA.

The company's shares are up more than 6% in Tuesday's session following the comments from the BMO analysts, although it has declined over 30% in the last 12 months. This is something they took note of in their memo.

"Since the IND approval, NTLA is trading ~19% lower (vs. -8% for XBI), suggesting that the IND approval is largely underestimated. Therefore, we believe that NTLA is currently undervalued," they wrote.

The analysts believe factors such as NTLA-2001 IND approval in mid-2023, incremental updates from early programs or new partnerships, and potential positive updates on CRISPR/Cas9 litigation with Editas/Broad can be catalysts for upside in 2023.

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