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Investing.com -- Shares of Intellia Therapeutics (NASDAQ: NASDAQ:NTLA) plunged 19% following a safety update from its ongoing Phase 3 MAGNITUDE study. The clinical trial, which is evaluating the company’s gene-editing therapy nex-z for the treatment of transthyretin (ATTR) amyloidosis with cardiomyopathy (ATTR-CM), reported a case of asymptomatic Grade 4 elevations in liver transaminases in one patient.
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The SEC filing dated May 28, 2025, detailed the current status of Intellia’s Phase 3 studies, including the MAGNITUDE study, which has enrolled approximately 365 out of an expected 765 patients. The adverse event in question appears to be resolving without hospitalization or medical intervention, with liver enzyme levels improving.
Despite this incident, Citizens JMP analyst Silvan Tuerkcan maintained a Market Perform rating on Intellia, suggesting that the adverse event’s disclosure might lead to volatility but that several clarifications from management could mitigate concerns. BofA Securities analyst Greg Harrison, while lowering the price target to $39 from $43, reiterated a Buy rating, noting the potential overhang on safety until more data becomes available. H.C. Wainwright’s Mitchell S. Kapoor continued to support a Buy rating with a $30 price target, considering the rarity of the event and its potential acceptability in the risk-benefit profile of nex-z. Cantor Fitzgerald’s Rick Bienkowski, maintaining an Overweight rating and a $65 price target, commented on the post-market reaction to the news, stating, "we don’t think it’s quite time to panic yet, and see the sharp move as an overreaction."
The company’s update also mentioned that enrollment for its other Phase 3 studies for hereditary angioedema and ATTRv-PN is progressing well, with expectations to complete enrollment within the given timelines and plans for potential commercial launches in the coming years.
Investors reacted to the safety update with concern, given the importance of the ATTR-CM patient population for Intellia’s nex-z program. The company continues to monitor the adverse events closely as the MAGNITUDE study progresses.
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