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Intellia (NTLA) Q1 Loss Wider Than Expected, Revenues Beat
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Intellia Therapeutics (NTLA - Free Report) incurred a loss of $1.96 per share for first-quarter 2022, wider than the year-ago loss of 69 cents as well as the Zacks Consensus Estimate of a loss of $1.11.
Intellia’s total revenues, comprising collaboration revenues, came in at $11.3 million for the first quarter compared with $6.4 million reported in the year-ago period. Revenues also beat the Zacks Consensus Estimate of $10.3 million.
The significant year-over-year increase in revenues was on account of revenues recorded by the company from its joint venture with AvenCell.
Shares of Intellia have plunged 57.7% in the year so far compared with the industry’s 22.7% decline.
Image Source: Zacks Investment Research
Quarter in Detail
For the reported quarter, research and development expenses were $133.1 million, up 238.9% from the year-ago figure due to increased costs for developing Intellia’s lead programs plus upfront and other payments related to the acquisition of closely-held Rewrite Therapeutics in February.
General and administrative expenses also surged 64.8% year over year to $22.4 million due to higher employee-related costs.
As of Mar 31, 2022, NTLA had cash, cash equivalents and marketable securities of $994.7 million compared with $1,086 million on Dec 31, 2021.
Pipeline Updates
Intellia is developing curative therapeutics using the CRISPR/Cas9 technology. NTLA is evaluating its lead in-vivo genome-editing candidate NTLA-2001 in a phase I study as a single-dose treatment of transthyretin (ATTR) amyloidosis. This study is evaluating NTLA-2001 in two separate arms, featuring one in ATTR amyloidosis with polyneuropathy (ATTRv-PN) patients and another in ATTR amyloidosis with cardiomyopathy (ATTR-CM) patients.
In February, Intellia reported interim data from the ATTRv-PN arm, which evaluated four different doses of NTLA-2001. ATTRv-PN patients treated with NTLA-2001 exhibited a dose-dependent reduction in serum TTR levels, achieving mean reductions of 52%, 87%, 86% and 93% at day 28 in the 0.1 mg/kg, 0.3 mg/kg, 0.7 mg/kg and 1.0 mg/kg dose cohorts, respectively.
Based on this data, NTLA decided to move forward with a fixed dose of 80mg in the part 2 portion of the phase I study. Alongside its Q1 earnings results, NTLA announced that it started dosing patients in the part 2 portion of the phase I study in the ATTRv-PN arm.
Intellia expects to present interim data from the ATTR-CM arm in second-half 2022.
NTLA-2001 is part of Intellia’s co-development and co-promotion agreement with Regeneron Pharmaceuticals (REGN - Free Report) . While NTLA is the lead party in the deal over NTLA-2001, Regeneron shares 25% of the development costs and commercial profits. Both Intellia and Regeneron are also developing therapies for hemophilia A and B.
Apart from NTLA-2001, Intellia is evaluating another pipeline candidate, NTLA-2002, in an ongoing phase I/II study for the treatment of hereditary angioedema (HAE). NTLA-2002 aims to prevent HAE attacks by suppressing plasma kallikrein activity. Interim data from the study is expected in second-half 2022.
NTLA-5001 is Intellia’s first wholly-owned ex-vivo genome editing candidate for the treatment of cancer. In March this year, NTLA announced that it dosed the first patient with NTLA-5001 in a phase I/IIa study. The study is evaluating the candidate in adults with persistent or recurrent acute myeloid leukemia (AML) who had previously received first-line therapy.
Intellia currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the overall healthcare sector are Alkermes (ALKS - Free Report) and Amicus Therapeutics (FOLD - Free Report) . While Alkermes sports a Zacks Rank #1 (Strong Buy) at present, Amicus Therapeutics carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Alkermes’ loss per share estimates for 2022 have narrowed from 14 cents to 3 cents in the past 30 days. Shares of ALKS have risen 20% in the year-to-date period.
Earnings of Alkermes beat estimates in each of the last four quarters, the average being 350.5%. In the last reported quarter, Alkermes delivered an earnings surprise of 1,100%.
Amicus Therapeutics’ loss per share estimates for 2023 have narrowed from 19 cents to 16 cents in the past 30 days. Shares of FOLD have declined 42.7% in the year-to-date period.
Earnings of Amicus Therapeutics missed estimates in three of the last four quarters and beat the mark on one occasion, witnessing a negative surprise of 28%, on average. In the last reported quarter, Amicus Therapeutics delivered a negative earnings surprise of 107.1%.
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Intellia (NTLA) Q1 Loss Wider Than Expected, Revenues Beat
Intellia Therapeutics (NTLA - Free Report) incurred a loss of $1.96 per share for first-quarter 2022, wider than the year-ago loss of 69 cents as well as the Zacks Consensus Estimate of a loss of $1.11.
Intellia’s total revenues, comprising collaboration revenues, came in at $11.3 million for the first quarter compared with $6.4 million reported in the year-ago period. Revenues also beat the Zacks Consensus Estimate of $10.3 million.
The significant year-over-year increase in revenues was on account of revenues recorded by the company from its joint venture with AvenCell.
Shares of Intellia have plunged 57.7% in the year so far compared with the industry’s 22.7% decline.
Image Source: Zacks Investment Research
Quarter in Detail
For the reported quarter, research and development expenses were $133.1 million, up 238.9% from the year-ago figure due to increased costs for developing Intellia’s lead programs plus upfront and other payments related to the acquisition of closely-held Rewrite Therapeutics in February.
General and administrative expenses also surged 64.8% year over year to $22.4 million due to higher employee-related costs.
As of Mar 31, 2022, NTLA had cash, cash equivalents and marketable securities of $994.7 million compared with $1,086 million on Dec 31, 2021.
Pipeline Updates
Intellia is developing curative therapeutics using the CRISPR/Cas9 technology. NTLA is evaluating its lead in-vivo genome-editing candidate NTLA-2001 in a phase I study as a single-dose treatment of transthyretin (ATTR) amyloidosis. This study is evaluating NTLA-2001 in two separate arms, featuring one in ATTR amyloidosis with polyneuropathy (ATTRv-PN) patients and another in ATTR amyloidosis with cardiomyopathy (ATTR-CM) patients.
In February, Intellia reported interim data from the ATTRv-PN arm, which evaluated four different doses of NTLA-2001. ATTRv-PN patients treated with NTLA-2001 exhibited a dose-dependent reduction in serum TTR levels, achieving mean reductions of 52%, 87%, 86% and 93% at day 28 in the 0.1 mg/kg, 0.3 mg/kg, 0.7 mg/kg and 1.0 mg/kg dose cohorts, respectively.
Based on this data, NTLA decided to move forward with a fixed dose of 80mg in the part 2 portion of the phase I study. Alongside its Q1 earnings results, NTLA announced that it started dosing patients in the part 2 portion of the phase I study in the ATTRv-PN arm.
Intellia expects to present interim data from the ATTR-CM arm in second-half 2022.
NTLA-2001 is part of Intellia’s co-development and co-promotion agreement with Regeneron Pharmaceuticals (REGN - Free Report) . While NTLA is the lead party in the deal over NTLA-2001, Regeneron shares 25% of the development costs and commercial profits. Both Intellia and Regeneron are also developing therapies for hemophilia A and B.
Apart from NTLA-2001, Intellia is evaluating another pipeline candidate, NTLA-2002, in an ongoing phase I/II study for the treatment of hereditary angioedema (HAE). NTLA-2002 aims to prevent HAE attacks by suppressing plasma kallikrein activity. Interim data from the study is expected in second-half 2022.
NTLA-5001 is Intellia’s first wholly-owned ex-vivo genome editing candidate for the treatment of cancer. In March this year, NTLA announced that it dosed the first patient with NTLA-5001 in a phase I/IIa study. The study is evaluating the candidate in adults with persistent or recurrent acute myeloid leukemia (AML) who had previously received first-line therapy.
Intellia Therapeutics, Inc. Price
Intellia Therapeutics, Inc. price | Intellia Therapeutics, Inc. Quote
Zacks Rank & Stocks to Consider
Intellia currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the overall healthcare sector are Alkermes (ALKS - Free Report) and Amicus Therapeutics (FOLD - Free Report) . While Alkermes sports a Zacks Rank #1 (Strong Buy) at present, Amicus Therapeutics carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Alkermes’ loss per share estimates for 2022 have narrowed from 14 cents to 3 cents in the past 30 days. Shares of ALKS have risen 20% in the year-to-date period.
Earnings of Alkermes beat estimates in each of the last four quarters, the average being 350.5%. In the last reported quarter, Alkermes delivered an earnings surprise of 1,100%.
Amicus Therapeutics’ loss per share estimates for 2023 have narrowed from 19 cents to 16 cents in the past 30 days. Shares of FOLD have declined 42.7% in the year-to-date period.
Earnings of Amicus Therapeutics missed estimates in three of the last four quarters and beat the mark on one occasion, witnessing a negative surprise of 28%, on average. In the last reported quarter, Amicus Therapeutics delivered a negative earnings surprise of 107.1%.