Shares of Intellia Therapeutics (NTLA) plunged 5.05% on Monday, March 3rd, during the intraday trading session. The biotech company's stock experienced a significant decline following an analyst's move to lower the price target.
Truist analyst Joon Lee cut the firm's price target on Intellia Therapeutics from $90 to $50, reflecting a significant downward revision. However, Lee maintained a Buy rating on the stock, indicating potential for future growth despite the near-term concerns.
The analyst's decision to lower the price target appears to have weighed heavily on investor sentiment, triggering the sharp sell-off in Intellia Therapeutics' shares. Market participants will closely monitor the company's developments and any further analyst updates that could influence the stock's trajectory.
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