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Intellia (NTLA) Misses on Q2 Earnings, Gives Pipeline Update
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Intellia Therapeutics (NTLA - Free Report) reported second-quarter 2023 loss of $1.40 per share, wider than the Zacks Consensus Estimate of a loss of $1.32. In the year-ago quarter, Intellia incurred a loss of $1.33 per share.
The company’s total revenues, including collaboration revenues, came in at $13.6 million compared with $14 million in the year-ago period. The top line missed the Zacks Consensus Estimate of $14 million.
The stock has gained 12% in the year-to-date period against the industry’s 13.2% decline.
Image Source: Zacks Investment Research
Quarter in Details
Collaboration revenues beat our model estimate of $13.2 million.
Research and development expenses totaled $115.3 million, up 27.8% from the year-ago quarter’s figure. The rise was primarily due increase in expenses for advancement of lead programs and personnel growth.
General and administrative expenses surged 27.7% year over year to $30.7 million due to an increase in employee-related expenses.
As of Jun 30, 2023, NTLA had cash, cash equivalents and marketable securities worth $1.1 billion compared with $1.2 billion as of Mar 31, 2023.
Pipeline Updates
Intellia is developing curative therapeutics using the CRISPR/Cas9 technology. The company is evaluating its in-vivo genome-editing candidate NTLA-2001 for the treatment of transthyretin (ATTR) amyloidosis. It is also evaluating NTLA-2002 in phase I/II study for the treatment of hereditary angioedema.
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, REGN shares 25% of the development costs and commercial profits.
Intellia plans to submit an investigational new drug application to the FDA for NTLA-2001 to treat ATTR with cardiomyopathy (CM) in September. It also expects to initiate a global pivotal study by the end of 2023, subject to regulatory feedback. NTLA and REGN also plan to present additional data from the ATTR-CM arm of the phase I study by 2023-end.
For hereditary ATTR amyloidosis with polyneuropathy (ATTRv-PN) arm, NTLA is actively preparing for a global pivotal phase III study. The company plans to present additional clinical data from the ATTRv-PN arm of the phase I study by the end of this year.
NTLA also updated positive interim data from the phase I portion of phase I/II study of NTLA-2002. The company is dosing patients in a phase II portion of phase I/II study for NTLA-2002 and expects to complete patient enrollment in the second half of the year.
It’s in vivo, preclinical candidate NTLA-3001 is being developed for alpha-1 antitrypsin deficiency-associated lung disease.Intellia is conducting IND-enabling activities for NTLA-3001 and plans to submit a clinical trial application by 2023-end.
In the past 90 days, the Zacks Consensus Estimate for ADC Therapeutics has widened from a loss of $2.60 per share to a loss of $2.61 for 2023. The consensus estimate has narrowed from a loss of $2.75 per share to a loss of $2.55 for 2024 during the same time frame. Shares of the company have lost 60.9% year to date.
ADCT’s earnings beat estimates in three of the trailing four quarters and missed the mark in one, delivering an average surprise of 10.70%.
In the past 90 days, the Zacks Consensus Estimate for ImmunoGen has narrowed from a loss of 56 cents per share to a loss of 21 cents for 2023. The consensus estimate has improved from a loss of 30 cents per share to a profit of 3 cents for 2024 during the same time frame. Shares of the company have rallied 234.1% year to date.
IMGN’s earnings beat estimates in three of the trailing four quarters and missed the mark in one, delivering an average surprise of 31.24%.
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Intellia (NTLA) Misses on Q2 Earnings, Gives Pipeline Update
Intellia Therapeutics (NTLA - Free Report) reported second-quarter 2023 loss of $1.40 per share, wider than the Zacks Consensus Estimate of a loss of $1.32. In the year-ago quarter, Intellia incurred a loss of $1.33 per share.
The company’s total revenues, including collaboration revenues, came in at $13.6 million compared with $14 million in the year-ago period. The top line missed the Zacks Consensus Estimate of $14 million.
The stock has gained 12% in the year-to-date period against the industry’s 13.2% decline.
Image Source: Zacks Investment Research
Quarter in Details
Collaboration revenues beat our model estimate of $13.2 million.
Research and development expenses totaled $115.3 million, up 27.8% from the year-ago quarter’s figure. The rise was primarily due increase in expenses for advancement of lead programs and personnel growth.
General and administrative expenses surged 27.7% year over year to $30.7 million due to an increase in employee-related expenses.
As of Jun 30, 2023, NTLA had cash, cash equivalents and marketable securities worth $1.1 billion compared with $1.2 billion as of Mar 31, 2023.
Pipeline Updates
Intellia is developing curative therapeutics using the CRISPR/Cas9 technology. The company is evaluating its in-vivo genome-editing candidate NTLA-2001 for the treatment of transthyretin (ATTR) amyloidosis. It is also evaluating NTLA-2002 in phase I/II study for the treatment of hereditary angioedema.
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, REGN shares 25% of the development costs and commercial profits.
Intellia plans to submit an investigational new drug application to the FDA for NTLA-2001 to treat ATTR with cardiomyopathy (CM) in September. It also expects to initiate a global pivotal study by the end of 2023, subject to regulatory feedback. NTLA and REGN also plan to present additional data from the ATTR-CM arm of the phase I study by 2023-end.
For hereditary ATTR amyloidosis with polyneuropathy (ATTRv-PN) arm, NTLA is actively preparing for a global pivotal phase III study. The company plans to present additional clinical data from the ATTRv-PN arm of the phase I study by the end of this year.
NTLA also updated positive interim data from the phase I portion of phase I/II study of NTLA-2002. The company is dosing patients in a phase II portion of phase I/II study for NTLA-2002 and expects to complete patient enrollment in the second half of the year.
It’s in vivo, preclinical candidate NTLA-3001 is being developed for alpha-1 antitrypsin deficiency-associated lung disease.Intellia is conducting IND-enabling activities for NTLA-3001 and plans to submit a clinical trial application by 2023-end.
Intellia Therapeutics, Inc. Price and Consensus
Intellia Therapeutics, Inc. price-consensus-chart | Intellia Therapeutics, Inc. Quote
Zacks Rank & Stocks to Consider
Currently, Intellia has a Zacks Rank #3 (Hold).
A couple of better-ranked stocks in the same industry are ADC Therapeutics (ADCT - Free Report) and ImmunoGen , both carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 90 days, the Zacks Consensus Estimate for ADC Therapeutics has widened from a loss of $2.60 per share to a loss of $2.61 for 2023. The consensus estimate has narrowed from a loss of $2.75 per share to a loss of $2.55 for 2024 during the same time frame. Shares of the company have lost 60.9% year to date.
ADCT’s earnings beat estimates in three of the trailing four quarters and missed the mark in one, delivering an average surprise of 10.70%.
In the past 90 days, the Zacks Consensus Estimate for ImmunoGen has narrowed from a loss of 56 cents per share to a loss of 21 cents for 2023. The consensus estimate has improved from a loss of 30 cents per share to a profit of 3 cents for 2024 during the same time frame. Shares of the company have rallied 234.1% year to date.
IMGN’s earnings beat estimates in three of the trailing four quarters and missed the mark in one, delivering an average surprise of 31.24%.