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Intellia Therapeutics Leads Gene-Editing Stock Rally

Intellia Therapeutics rises and other gene-editing stocks follow suit.
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Intellia Therapeutics  (NTLA) - Get Intellia Therapeutics, Inc. Report led a rally of gene-editing stocks on Wednesday as the biotech surged on the results of a recent positive clinical trial and share price boosts from Wall Street analysts.

Shares of the Cambridge, Mass., company were climbing 10% to 167.43 at last check.

Stocks Fluctuate With S&P 500 Rising to Close Out a Strong First Half

In addition, Editas Medicine  (EDIT) - Get Editas Medicine, Inc. Report was up over 20%, Beam Therapeutics  (BEAM)  was rising about 20%, and Crispr Therapeutics  (CRSP) - Get CRISPR Therapeutics AG Report was up 8%.

Intellia Therapeutics surged Monday after the company along with Regeneron Pharmaceuticals  (REGN) - Get Regeneron Pharmaceuticals, Inc. Report reported positive results from its first clinical trial using a new, Nobel Prize-winning Crispr technology to treat Transthyretin Amyloidosis.

Despite the small number of patients and short follow-up, the
data from the study supports proof-of-concept for in-vivo
Crispr/Cas9-based therapy as a platform and could expand
Regeneron’s capabilities beyond antibody development, SVB
Leerink analyst Mani Foroohar wrote in a research note on
Wednesday, according to Bloomberg.

Oppenheimer analyst Silvan Tuerkcan raised the firm's price target on Intellia to $125 from $73, while keeping a perform rating on the shares, the Fly reported. 

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The analyst said that Intellia presented transformative clinical data on NTLA-2001 at the PNS Annual Meeting, marking the first ever clinical evidence to demonstrate efficacy for a systemic in vivo CRISPR-based therapy. 

Tuerkcan viewed these data as the best-case scenario for Intellia, showing a deep serum TTR reduction in a dose-dependent manner with a meaningful number of patients in both cohorts. 

Despite relatively short follow up, early safety and tolerability look promising with few adverse events of mild severity, the analyst added.

Raymond James analyst Steven Seedhouse raised the firm's price target on Intellia to $168 from $106 and kept an outperform rating on the shares. 

Intellia is now the premier name to own based on outstanding Phase 1 data published over the weekend for lead TTR amyloidosis therapeutic NTLA-2001, Seedhouse tells investors in a research note.

In April, Crispr Therapeutics said it would receive a $900 million payment from fellow biotech firm Vertex Pharmaceuticals  (VRTX) - Get Vertex Pharmaceuticals Incorporated Report.

In that same month, Regeneron reported progress in a Phase 3 trial of its REGEN-COV antibody cocktail, which it was testing to prevent COVID-19. 

Regeneron recently said U.S. Food and Drug Administration updated the Emergency Use Authorization (EUA) REGEN-COV, lowering the dose to 1,200 mg, which is half the dose originally authorized.