Intellia Therapeutics (NOW) – Get report led a rally in gene editing stocks on Wednesday as biotech soared on the results of a recent positive clinical trial and stock price increases from Wall Street analysts.
Shares of the Cambridge, Massachusetts company were up 10% to 167.43 at the last check.
Stocks fluctuate with the S&P 500 rising to close out a strong first half
Intellia Therapeutics emerged on Monday after the company along with Regeneron Pharmaceuticals (RAIN) – Get report reported positive results from its first clinical trial in which a new, Nobel Prize-winning Crispr technology was used to treat transthyretin amyloidosis.
Despite the small number of patients and the short follow-up, the
Study data supports proof of concept for in-vivo
Crispr / Cas9-based therapy as a platform and could be expanded
Regeneron’s capabilities beyond antibody development, BLS
Leerink analyst Mani Foroohar wrote in a research note about
Wednesday, according to Bloomberg.
Oppenheimer analyst Silvan Tuerkcan raised the company’s price target on Intellia to $ 125 from $ 73, while maintaining a performance rating on the stock, Fly reported.
The analyst said Intellia presented transformative clinical data on NTLA-2001 at the PNS Annual Meeting, marking the first clinical evidence demonstrating the efficacy of a CRISPR-based in vivo systemic therapy.
Tuerkcan saw these data as the best-case scenario for Intellia, showing a profound reduction in serum TTR in a dose-dependent manner with a significant number of patients in both cohorts.
Despite a relatively short follow-up, early safety and tolerability appear promising with few adverse events of mild severity, the analyst added.
Raymond James analyst Steven Seedhouse raised the company’s price target for Intellia from $ 106 to $ 168 and maintained a higher rating than the stocks.
Intellia is now the leading name in ownership based on outstanding Phase 1 data released over the weekend for the NTLA-2001 main TTR amyloidosis treatment, Seedhouse tells investors in a research note.
In April, Crispr Therapeutics said it would receive a $ 900 million payment from biotech company Vertex Pharmaceuticals. (VRTX) – Get report.
In that same month, Regeneron reported progress on a phase 3 trial of its REGEN-COV antibody cocktail, which it was testing to prevent COVID-19.
Regeneron recently said that the US Food and Drug Administration updated the REGEN-COV Emergency Use Authorization (US), reducing the dose to 1,200 mg, which is half the originally authorized dose.