Intellia Therapeutics (NTLA) Stock Price Down 9.8% on Insider Selling
Shares of Intellia Therapeutics Inc (NASDAQ:NTLA) traded down 9.8% during mid-day trading on Monday following insider selling activity. The stock traded as low as $18.32 and last traded at $19.14. 1,434,047 shares changed hands during mid-day trading, an increase of 309% from the average session volume of 350,270 shares. The stock had previously closed at $21.22.
Specifically, CEO Nessan Bermingham sold 111,500 shares of the business’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $20.34, for a total value of $2,267,910.00. Following the completion of the transaction, the chief executive officer now owns 696,000 shares of the company’s stock, valued at approximately $14,156,640. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 12.80% of the company’s stock.
NTLA has been the subject of several recent analyst reports. Jefferies Group set a $42.00 price target on Intellia Therapeutics and gave the company a “buy” rating in a report on Tuesday, October 31st. Zacks Investment Research upgraded Intellia Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, October 4th. Leerink Swann lifted their price target on Intellia Therapeutics from $29.00 to $37.00 and gave the company an “outperform” rating in a report on Tuesday, October 31st. They noted that the move was a valuation call. Wedbush restated an “ourperform” rating and issued a $25.00 price target (down previously from $29.00) on shares of Intellia Therapeutics in a report on Wednesday, September 27th. Finally, ValuEngine upgraded Intellia Therapeutics from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. Intellia Therapeutics has a consensus rating of “Hold” and an average price target of $30.17.
Several large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Intellia Therapeutics by 10.2% during the 2nd quarter. Vanguard Group Inc. now owns 997,288 shares of the company’s stock worth $15,957,000 after purchasing an additional 92,580 shares during the period. GMT Capital Corp purchased a new stake in shares of Intellia Therapeutics during the 3rd quarter worth about $8,214,000. Granahan Investment Management Inc. MA grew its holdings in shares of Intellia Therapeutics by 7.0% during the 3rd quarter. Granahan Investment Management Inc. MA now owns 286,144 shares of the company’s stock worth $7,111,000 after purchasing an additional 18,784 shares during the period. Ark Investment Management LLC grew its holdings in shares of Intellia Therapeutics by 118.9% during the 2nd quarter. Ark Investment Management LLC now owns 174,810 shares of the company’s stock worth $2,797,000 after purchasing an additional 94,960 shares during the period. Finally, State Street Corp grew its holdings in shares of Intellia Therapeutics by 52.0% during the 2nd quarter. State Street Corp now owns 164,798 shares of the company’s stock worth $2,638,000 after purchasing an additional 56,363 shares during the period. Institutional investors and hedge funds own 49.55% of the company’s stock.
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About Intellia Therapeutics
Intellia Therapeutics, Inc is a genome editing company. The Company is focused on developing therapeutics utilizing a biological tool known as CRISPR/Cas9. The CRISPR/Cas9 genome editing system includes two components: the Cas9 protein and the guide RNA sequence. The Cas9 protein acts like a pair of molecular scissors that initiates the natural cellular repair process to knockout, repair or insert a gene.
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