On Monday, an industry analyst from Truist Securities maintained a Buy rating on shares of Intellia Therapeutics (NASDAQ: NASDAQ:NTLA) with a price target of $120.00. The endorsement follows the release of positive top-line results from a study by Alnylam Pharmaceuticals on a treatment for ATTR-CM, a heart condition. The study's success is seen as a favorable indicator for Intellia's competing treatment, NTLA-2001, which targets the same disease.
NTLA-2001 is designed to reduce transthyretin (TTR) levels, a protein associated with ATTR-CM, and has shown to maintain stable and low TTR levels for up to 12 months. Based on the data, the analyst suggests that the consistent TTR reduction by NTLA-2001 could potentially eliminate the need for additional TTR stabilizers and may lead to outcomes that are better or at least similar to those of Alnylam's Vutrisiran.
Alnylam's HELIOS-B study demonstrated a significant reduction in all-cause mortality and recurrent cardiovascular events among patients, with the full study results set to be presented at the European Society of Cardiology from August 30 to September 2, 2024, in London. A supplemental Biologics License Application (sBLA) for Vutrisiran is expected to be submitted later in 2024.
Meanwhile, Intellia is progressing with its Phase 3 MAGNITUDE study for NTLA-2001, which aims to enroll approximately 765 patients with ATTR-CM. This study will also measure cardiovascular-related mortality and events as its endpoints. Intellia's treatment strategy, which focuses on sustained TTR reduction, could provide a significant therapeutic advantage.
The company anticipates providing an update from all 72 patients treated with NTLA-2001 across both cardiac and polyneuropathy manifestations of ATTR in the second half of 2024. This update is expected to include data on cardiac biomarkers and neurological function, providing further insights into the treatment's efficacy and safety profile.
In other recent news, Intellia Therapeutics has seen significant developments. The company has announced the appointment of Brian Goff to its Board of Directors, a move that is expected to guide Intellia's transition from late-stage clinical development to a commercial entity.
Moreover, Intellia has implemented changes to its corporate governance structure, which have been approved by the majority of stockholders, aimed at limiting the liability of certain officers.
Baird has maintained a Neutral stance on Intellia, despite positive clinical trial results from a competing company, Alnylam Pharmaceuticals. The Baird analyst noted that Intellia's long-term market position could be challenging despite potential short-term boosts from the competitor's success.
ARK ETFs, managed by Cathie Wood, have shown increased interest in Intellia, a trend that aligns with RBC Capital's maintained Outperform rating for the company. This reflects a focus on certain biotechnology stocks while divesting from others.
These are among the recent developments for Intellia Therapeutics, which continues to navigate the competitive landscape of genetic disease treatments. The company's ongoing strategic shifts and growth trajectory are being closely watched by investors.
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