2023-04-13 11:54:32 ET
Intellia Therapeutics ( NASDAQ: NTLA ) added ~12% Thursday after Canaccord Genuity launched its coverage with a Buy rating and a $66 per share target citing the biotech's expertise in the CRISPR-Cas9 gene editing technology.
In 2021, Intellia ( NTLA ) and Regeneron ( REGN ) demonstrated the potential of in-vivo CRISPR genome editing for the first time in humans with Phase 1 data for NTLA-2001 targeted at rare hereditary disorder, ATTR amyloidosis.
And the company quickly followed up with data for its wholly owned asset NTLA-2002, which has a similar delivery method and a mechanism of action against hereditary angioedema (HAE), Canaccord analyst Whitney Ijem argues.
Noting NTLA's different approach for in-vivo gene editing against large, rare indications, Ijem said that while it is not the fastest compared to those of its early CRSPR-focused peers, the company's "methodical approach has paid off."
Citing positive Phase 1 data for both candidates on safety and efficacy fronts, Ijem added that their advancement from Phase 2 to pivotal trials within the next 6 – 12 months "should continue to provide news flow and value creation opportunities."
The recent FDA decision to clear the clinical trial application for NTLA-2002 for HAE is a significant milestone, Seeking Alpha contributor The Wealth Wizard argued last month.
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Intellia up 12% as Canaccord starts with Buy citing gene editing approach