Shares of Intellia Therapeutics (NTLA) plummeted 5.8% in premarket trading on Friday, February 28, following a downgrade by JPMorgan analysts.
JPMorgan cut its rating on the gene-editing company from Overweight to Neutral and significantly lowered its price target to $13, citing competitive pressures and challenges:
The firm raised concerns about potential competition from emerging therapies for ATTR amyloidosis, which could challenge Intellia's lead candidate Nex-z in the market.
Analysts noted risks around Intellia's focus on prioritized programs, following its decision to discontinue work on the NTLA-3001 program in favor of a second-generation approach.
Despite highlighting progress in key trials for its ATTR amyloidosis and hereditary angioedema (HAE) therapies, the competitive landscape and strategic restructuring efforts weighed on Intellia's stock price in premarket trading.
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