Intellia Therapeutics stocks falls for third straight session after Q1 earnings miss

May 09, 2022 11:10 AM ETIntellia Therapeutics, Inc. (NTLA)By: Preeti Singh, SA News Editor1 Comment

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  • Intellia Therapeutics (NASDAQ:NTLA) shares dropped 9% Monday morning as two brokerages lowered their price targets on the stock.
  • Oppenheimer cut its target on Intellia (NTLA) to $130 from $160, while maintaining an "outperform" rating. The new target implies a 173% increase from the last closing price. JMP Securities, meanwhile, lowered the target from $165 to $110.
  • The PT revisions comes after the genome editing company reported its Q1 earnings that missed Wall Street estimates.
  • Quarterly net loss widened from $46.2M in Q121 to $146.9M. The results were significantly impacted by a ~239% rise in R&D expenses compared to last year.
  • Shares fell 10% on the result day and continues to be in red for the third consecutive trading day.
  • Other brokerages also lowered their targets on the stock. Wedbush cut PT from $108 to $55, while Guggenheim lowered it from $150 to $120.

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