Intellia Therapeutics Is Maintained at Outperform by Oppenheimer

Intellia Therapeutics, Inc. NTLA incurred third-quarter 2024 loss of $1.34 per share, which was narrower than the Zacks Consensus Estimate of a loss of $1.37. In the year-ago quarter, Intellia had incurred a loss of $1.38 per share.

The company’s total revenues currently comprise only collaboration revenues. Intellia reported revenues of $9.1 million for the third quarter of 2024 compared with $12 million reported in the year-ago quarter. Revenues however beat the Zacks Consensus Estimate of $8 million.

The year-over-year decrease in revenues was due to a reduction in revenues related to the AvenCell license and collaboration agreement.

Shares of Intellia have plunged 47.6% year to date compared with the industry’s decline of 2.4%.

Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.

More on NTLA's Q3 Results

Intellia’s collaboration revenues beat our model estimate of $8 million.

Research and development expenses totaled $123.4 million, up 8.5% from the year-ago quarter’s figure. The increase was due to the advancement of lead pipeline programs.

General and administrative expenses increased around 3.7% year over year to $30.5 million due to an increase in stock-based compensation.

As of Sept 30, 2024, NTLA had cash, cash equivalents and marketable securities worth $944.7 million compared with $939.9 million as of Jun 30, 2024.

NTLA's Recent Pipeline Updates

Intellia has collaborated with Regeneron Pharmaceuticals REGN for the development of its investigational in vivo genome-editing candidate, Nexiguran ziclumeran (nex-z, also known as NTLA-2001).

Nex-z is part of the company’s co-development and co-promotion agreement with Regeneron. While NTLA is the lead party in the deal for nex-z, REGN shares 25% of the development costs and commercial profits.

The phase III MAGNITUDE study is evaluating the safety and efficacy of nex-z in patients with ATTR amyloidosis with cardiomyopathy. Enrollment is currently ongoing in the study.

If the MAGNITUDE study's data are found to be positive, it will enable regulatory filings for the candidate worldwide.

Along with the earnings release, Intellia announced that the FDA has cleared its investigational new drug (IND) application seeking to initiate the pivotal phase III MAGNITUDE-2 study evaluating nex-z for treating hereditary ATTR amyloidosis with polyneuropathy.

The company plans to begin patient enrollment in the MAGNITUDE-2 study outside the United States by 2024-end.

Intellia is developing another pipeline candidate, NTLA-2002, for the treatment of hereditary angioedema (HAE). Last month, the company initiated the pivotal phase III HAELO study evaluating NTLA-2002 for HAE.

The global double-blind, placebo-controlled study will evaluate the safety and efficacy of NTLA-2002 in adults with Type I or Type II HAE. The primary endpoint of the study is to see the change in number of HAE attacks from week five through week 28 of treatment.

Intellia is developing its in vivo gene insertion candidate, NTLA-3001, for the treatment of alpha-1 antitrypsin deficiency (AATD) associated lung disease. The company plans to dose the first patient in a phase I/II study on NTLA-3001 for treating AATD by the end of 2024.

Intellia Therapeutics, Inc. Price, Consensus and EPS Surprise

Intellia Therapeutics, Inc. price-consensus-eps-surprise-chart | Intellia Therapeutics, Inc. Quote

NTLA's Zacks Rank & Other Key Picks

Intellia currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks from the biotech sector are Amicus Therapeutics, Inc. FOLD and Castle Biosciences, Inc. CSTL, each carrying a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

In the past 60 days, estimates for Amicus’ 2024 earnings per share have moved up from 20 cents to 22 cents. Earnings per share estimates for 2025 have improved from 49 cents to 53 cents during the same time. Year to date, shares of FOLD have declined 22.6%.

FOLD’s earnings beat estimates in three of the trailing four quarters while missing on the remaining occasion, the average surprise being 27.09%.

In the past 60 days, estimates for Castle Biosciences’ 2024 loss per share have narrowed from 58 cents to 8 cents. Loss per share estimates for 2025 have narrowed from $2.13 to $1.88 during the same time. Year to date, shares of CSTL have surged 54.4%.

CSTL’s earnings beat estimates in each of the trailing four quarters, the average surprise being 172.72%.

Zacks Investment Research