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NTLA

Intellia Therapeutics NasdaqGM:NTLA Stock Report

Last Price

US$60.41

Market Cap

US$4.6b

7D

-5.7%

1Y

-61.2%

Updated

09 Aug, 2022

Data

Company Financials +
NTLA fundamental analysis
Snowflake Score
Valuation1/6
Future Growth2/6
Past Performance0/6
Financial Health6/6
Dividends0/6

NTLA Stock Overview

Intellia Therapeutics, Inc., a genome editing company, focuses on the development of therapeutics.

Intellia Therapeutics Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Intellia Therapeutics
Historical stock prices
Current Share PriceUS$60.41
52 Week HighUS$180.59
52 Week LowUS$37.08
Beta2
1 Month Change-4.70%
3 Month Change51.25%
1 Year Change-61.24%
3 Year Change245.60%
5 Year Change265.02%
Change since IPO173.35%

Recent News & Updates

Aug 06
Is Intellia Therapeutics (NASDAQ:NTLA) Weighed On By Its Debt Load?

Is Intellia Therapeutics (NASDAQ:NTLA) Weighed On By Its Debt Load?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...

Aug 04

Intellia Therapeutics down 12% following bottom line Q2 earnings miss

Intellia Therapeutics (NASDAQ:NTLA) is down 12% in Thursday morning trading after it missed analyst estimates on Q2 2022 EPS. The company's net loss in the quarter widened ~46% to ~$100.7M compared to the prior-year period (-$1.33 per share, basic and diluted vs. $1.01). Revenue of ~$14M, a 114% year-over-year increase, was a beat. Intellia (NTLA)  was weighed down in the quarter by a significant increase in operating expenses, which went up ~49% to $112.3M. R&D expenses alone rose 53% to ~$90.2M. The company ended the quarter with $906.9M in cash and cash equivalents compared to compared to $1.1B on Dec. 31, 2022. Check out Seeking Alpha contributor Michael Ronzetti's bullish argument for Intellia (NTLA).

Jul 28

Intellia: Slim Hopes Of Near-Term Commercial Revenue Makes Me Bearish

Intellia achieved a double-digit billion valuation last year after establishing proof-of-concept for an in-vivo CRISPR/Cas9 gene editing therapy. One year on, the valuation has halved, despite 12-month data from the same study suggesting NTLA-2001's durability as a "one and done" therapy. It will be 3-5 years before NTLA-2001 makes it to market, if it ever does, which demands a great deal of patience from investors. Meanwhile, some other companies are either catching up or finding ways to commercialize ex-vivo products - as CRISPR Therapeutics seems likely to do. As such, it's questionable if Intellia deserves a $5bn market cap valuation. Earnings released on Aug. 4 might provide a price dip that a very patient investor may find attractive. Investment Thesis If you had invested in the CRISPR / Cas9 gene editing pioneer Intellia Therapeutics (NTLA) five years ago, you would likely be well satisfied with your return to date - a ~285% return on your investment - although you may also feel that it could have been so much better - Intellia stock was up >900% at the end of August 2021. Alternatively, you may be of the opinion that the best is yet to come. Intellia IPOd back in 2016, when it raised $108m at $18 per share, backed by the likes of biotech VC Atlas Ventures and Swiss Pharma giant Novartis (NVS). It was one of three companies that launched at around the same time with the purpose of taking the Nobel Prize-winning CRISPR/Cas9 technology and using it to develop medicines that could be used to treat human diseases. The other two companies launched were CRISPR Therapeutics (CRSP), and Editas Medicine (EDIT). While Intellia and CRISPR derive their patents from the Nobel Prize winning duo Emmanuelle Charpentier and Jenifer Doudna and license them from the University of California and University of Vienna, together known as the CVC Group, with Intellia sub-licensing its patents from Caribou Biosciences (CRBU), Editas licenses patents from The Broad Institute at MIT. Both these entities lay claim to establishing the first CRISPR patents, with the CVC Group claiming it discovered the technology, and the Broad Institute claiming it was the first to patent the technology for use in humans. Should either prevail in the decade long patent dispute, it could theoretically force the other to pay damages and royalties on sales that could cripple their business, but a definitive ruling may never be made, and in any case, none of these three companies has commercialized a drug product. NTLA, CRSP, EDIT 5-year share price performance. (TradingView) As we can see above, of the three companies it's CRISPR Therapeutics and Intellia that have realised the strongest gains - in 2021, both achieved market cap valuations >$10bn, with Intellia's valuation reaching an all-time high of $13.4bn in August 2021, and CRISPR Therapeutics an all-time high of $15.5bn in January. A fundamental difference between the two companies is that Intellia has advanced further in the in vivo treatment space - its shares gaining by >115% when management announced that its lead candidate, NTLA-2001 had reduced TTR Serum levels in six patients with the disease Transthyretin (ATTR) Amyloidosis using an intravenous injection - while CRISPR is close to a first ever approval for a CRISPR/Cas 9 drug, preparing to submit a Biologics License Application ("BLA") to the FDA before the end of this year, for its therapy Exa-Cel, an autologous stem cell therapy for Sickle Cell Disease ("SCD") patients. The share price graph above illustrates the extent to which investors and market lost faith in both companies in the second half of 2021 and 2022. Many observers have claimed that CRISPR based gene editing is no different from other gene therapy approaches, just better marketed, and arguably, this argument can be backed up in two ways. Firstly, Bluebird Bio, pioneering a lentiviral vector approach to gene editing, look set to win FDA approvals for two ex-vivo cell therapies this year - Beti-Cel and Eli-Cel in beta-thalassemia and cerebral adrenoleukodystrophy respectively - and could even receive approval for its SCD therapy Lovo-Cel ahead of CRISPR Therapeutics. Secondly, you could argue that the development of lipid nanoparticles ("LNPs") has dramatically improved the chances of commercialization for many different types of therapeutic approaches - messenger-RNA, RNA-interference, or gene-splicing technologies, for example whose major problem has been drug delivery, rather than their ability to effectively treat diseases once inside the target cells. Nevertheless, both Intellia's and CRISPR Therapeutics' share prices have been picking up over the past three months, up 36% and 49% respectively. That has coincided with the end of a devastating bear market for biotech, but it also may reflect that the progress made by both companies - CRISPR in terms of proximity of commercialization, and Intellia in terms of proof of treatment duration - that's beginning to win over the doubters. With Intellia still trading at a 61% discount to its peak price, it's tempting to wonder if the company's stock can continue to make gains? The reality is that the company is still a long way - 2-3 years at least - from commercializing a drug, but its progress in-vivo is still the most advanced of any company and should NTLA-2001 make it to market the effect on Intellia's share price could still be seismic. It's important not to forget that the therapies Intellia is developing are "one and done" treatments, in other words, they functionally cure patients after one dose, making them extraordinarily valuable. There's no doubt these types of therapies are worth waiting for, although the competition is arguably getting more intense, with the likes of Verve Therapeutics (VERV), Beam Therapeutics (BEAM), and Korean biotech ToolGen (also involved in the CRISPR patent dispute, making claims around patent infringement) all going public in recent months. Before we draw a conclusion, it's worth updating on Intellia's various projects, and before that, providing a brief overview of the company. Intellia Company Overview and Pipeline Intellia has ~500 employees, "367 of whom were primarily engaged in research and development activities and 111 of whom have an M.D. or Ph.D. degree," according to the company's 2021 10K submission to the SEC. The company is led by CEO John Leonard, who had formerly retired from his position of Chief Scientific Officer and Senior Vice President of R&D at AbbVie in 2013, before deciding to join Intellia in 2014 as Chief Medical Officer, and subsequently being promoted to CEO. Dr. Jennifer Doudna is still listed as Scientific co-founder of Intellia but appears to have little to do with its day-to-day running or drug development activities. Intellia has an in vivo pipeline and an ex vivo, although it is the in vivo one that probably supports the bulk of its valuation. Intellia in vivo pipeline. (Corporate Presentation) As of Q121, Intellia reported a cash position of $995m, down from $1.1bn in Q121. The company earned $11.3m of collaboration revenues in Q121, and made a net loss of $147m. Net loss in FY21 was $268m. Q222 result will be released Aug. 4, and a similar scale of losses may result in further share price losses. Intellia has a powerful partner in the form of US pharma Regeneron (REGN), which collaborates on the development of lead in vivo candidate NTLA-2001, 2 preclinical hemophilia A and B candidates, and also has: exclusive rights to develop products for five additional in vivo CRISPR/Cas-based therapeutic liver targets and non-exclusive rights to independently develop and commercialize up to 10 ex vivo gene edited products made using certain defined cell types. (source: Intellia 10K) My understanding is that Regeneron pays 25% of the costs of development of NTLA-2001, in exchange for a 25% share of profits from sales, if the therapy is commercialized, and also made a $70m upfront payment when the deal was first agreed in 2016, and a $30m equity investment, with another $100m or so of milestone payments on the table. Regeneron made a further $70m upfront payment and $30m equity investment in 2020 to develop the hemophilia assets. Unless I'm missing something, these figures pale by comparison to the $1bn payment made by Vertex (VRTX), the Boston based pharma, to CRISPR Therapeutics, for an additional 10% share of revenues from its SCD asset Exa-cel, if commercialized. Intellia does have other partners - Novartis has pledged $230m in milestone payments relating to development of certain CAR-T, hematopoietic stem cell ("HSC") and Oogonial Stem Cell ("OSC") assets, while VenCell, ONK Therapeutics, Kyverna, rewrite Therapeutics and SparingVision partner on immuno-oncology, NK Cell therapies, the technology platform, and Ophthalmology respectively, but nothing remotely as significant as the CRISPR / Vertex partnership at the present time. Progress With NTLA-2001 - 12-Month Data Positive As mentioned, it was the six-month data from NTLA-2001 in patients with Transthyretin (ATTR) Amyloidosis that sent Intellia's share price soaring, offering hope of a first ever in vivo gene therapy approval, with the power to functionally cure a disease with a single injection. On June 24 Intellia reported 12-month data from the same trial, this time including follow-up data from 15 patients with hereditary ATTR amyloidosis with polyneuropathy ("ATTRv-PN") - nerve damage which can be caused by ATTR resulting in a stabbing, burning, or tingling pain. Importantly, the data proved that the response to treatment with NTLA-2001 was durable at 12 months. The 93% and 98% maximum serum reduction experienced by the six patients receiving the highest dose (1mg/kg) were reportedly sustained over six months, with three patients reaching nine months follow-up with no evidence of a loss in TTR reduction. The press release also stated that: Further, in the 0.1 and 0.3 mg/kg cohorts, patients have now reached 12 months of follow-up, and a durable response to treatment continues to be observed. Notably, patients in the 0.3 mg/kg cohort sustained an 89% mean serum TTR reduction at 12 months. NTLA-2001 was also safe and well-tolerated, with 73% of patients reporting nothing worse than a Grade 1 adverse event, and only one patient experiencing a Grade 3 adverse event - vomiting, which may be ascribed to a concomitant history of gastroparesis. This exciting news has failed to make much of an impact on Intellia's share price, although perhaps it has helped stem losses, and put the stock back on an upward trajectory. Management added that data from the cardiomyopathy arm of the study ought to be available in the half of this year, while a 0.8mg/kg dose has been selected for the second part of the trial, which is ongoing. Alnylam's Onpattro - approved to treat hereditary ATTR ("hATTR"), made sales of $153m in Q122, up 12% year-on-year, although if approved, NTLA-2001 would likely have a much higher list price given its potential ability to cure patients with a single dose. Progress may appear to be maddeningly slow to some investors with the available data covering only a handful of patients, but in fairness to Intellia, the trial continues to enroll patients (up to 74 in total, with 38 in polyneuropathy and 36 in cardiomyopathy) and management believes that data from the trial ought to be sufficient for a pivotal trial to be initiated. That may not happen for another year, but it's critically important to establish duration and safety, and the results, if positive, will likely be worth waiting for. Remaining In-Vivo Pipeline + Hopes for Ex Vivo The only other in vivo drug making meaningful progress through the clinic for Intellia is NTLA-2002, indicated for Hereditary Angioedema ("HAE"), which affects ~6.500 people in the US. BioCryst (BCRX) Orladeyo, recently approved to treat HAE, is expected by BioCryst management to generate $250m of revenue in FY22, and achieve peak sales >$1bn. NTLA-2002 is designed to "knock out" the KLKB1 gene with a single dose, and a Phase 1/2 trial is underway. Two dose-escalation cohorts have been initiated and interim data ought to be available in 2H22. If that data is positive, it could provide the share price catalysts that NTLA-2001 12-month data could not, although as with NTLA-2001, the pace of progress is slow, and other company's in vivo pipelines - most notably CRISPR's - may be catching up. Since the liver is the most easily accessible target, most gene therapy companies compete over the same handful of diseases, the hope being that extra-hepatic targets will follow once proof of concept has been established. With Intellia not expecting to file an Investigational New Drug ("IND") application for NTLA-2003, targeting Alpha-1 antitrypsin Deficiency ("AATD"), until 2023, and the 2 hemophilia candidates even further back in the development cycle, it's understandable that investors may be wondering if it is worth waiting for an in vivo "one and done" therapy to make it to market, or if they are prepared to wait, thinking about betting on another company.

Shareholder Returns

NTLAUS BiotechsUS Market
7D-5.7%9.0%1.1%
1Y-61.2%-25.9%-13.0%

Return vs Industry: NTLA underperformed the US Biotechs industry which returned -25.9% over the past year.

Return vs Market: NTLA underperformed the US Market which returned -13% over the past year.

Price Volatility

Is NTLA's price volatile compared to industry and market?
NTLA volatility
NTLA Average Weekly Movement13.3%
Biotechs Industry Average Movement12.9%
Market Average Movement7.9%
10% most volatile stocks in US Market17.1%
10% least volatile stocks in US Market3.2%

Stable Share Price: NTLA is more volatile than 75% of US stocks over the past 3 months, typically moving +/- 13% a week.

Volatility Over Time: NTLA's weekly volatility (13%) has been stable over the past year, but is still higher than 75% of US stocks.

About the Company

FoundedEmployeesCEOWebsite
2014485John Leonardhttps://www.intelliatx.com

Intellia Therapeutics, Inc., a genome editing company, focuses on the development of therapeutics. The company’s in vivo programs include NTLA-2001, which is in Phase 1 clinical trial for the treatment of transthyretin amyloidosis; and NTLA-2002 for the treatment of hereditary angioedema, as well as other liver-focused programs comprising hemophilia A and hemophilia B, hyperoxaluria Type 1, and alpha-1 antitrypsin deficiency. Its ex vivo pipeline includes NTLA-5001 for the treatment of acute myeloid leukemia; and proprietary programs focused on developing engineered cell therapies to treat various oncological and autoimmune disorders.

Intellia Therapeutics Fundamentals Summary

How do Intellia Therapeutics's earnings and revenue compare to its market cap?
NTLA fundamental statistics
Market CapUS$4.59b
Earnings (TTM)-US$400.43m
Revenue (TTM)US$45.34m

101.3x

P/S Ratio

-11.5x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
NTLA income statement (TTM)
RevenueUS$45.34m
Cost of RevenueUS$344.94m
Gross Profit-US$299.60m
Other ExpensesUS$100.83m
Earnings-US$400.43m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)-5.27
Gross Margin-660.79%
Net Profit Margin-883.17%
Debt/Equity Ratio0%

How did NTLA perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is NTLA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NTLA?

Other financial metrics that can be useful for relative valuation.

NTLA key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue82.8x
Enterprise Value/EBITDA-9.9x
PEG Ration/a

Price to Book Ratio vs Peers

How does NTLA's PB Ratio compare to its peers?

NTLA PB Ratio vs Peers
The above table shows the PB ratio for NTLA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPBEstimated GrowthMarket Cap
Peer Average10.3x
CERE Cerevel Therapeutics Holdings
13x-8.5%US$5.5b
ALKS Alkermes
3.9x77.2%US$4.2b
CCXI ChemoCentryx
15.3x75.2%US$3.6b
IONS Ionis Pharmaceuticals
8.8x40.9%US$6.3b
NTLA Intellia Therapeutics
5.2x-2.2%US$4.6b

Price-To-Book vs Peers: NTLA is good value based on its Price-To-Book Ratio (5.2x) compared to the peer average (10.3x).


Price to Earnings Ratio vs Industry

How does NTLA's PE Ratio compare vs other companies in the US Biotechs Industry?

Price-To-Book vs Industry: NTLA is expensive based on its Price-To-Book Ratio (5.2x) compared to the US Biotechs industry average (1.8x)


Price to Book Ratio vs Fair Ratio

What is NTLA's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NTLA PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio5.2x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate NTLA's Price-To-Book Fair Ratio for valuation analysis.


Share Price vs Fair Value

What is the Fair Price of NTLA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate NTLA's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate NTLA's fair value for valuation analysis.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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Future Growth

How is Intellia Therapeutics forecast to perform in the next 1 to 3 years based on estimates from 22 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-2.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: NTLA is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: NTLA is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: NTLA is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: NTLA's revenue (63.3% per year) is forecast to grow faster than the US market (7.9% per year).

High Growth Revenue: NTLA's revenue (63.3% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: NTLA is forecast to be unprofitable in 3 years.


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Past Performance

How has Intellia Therapeutics performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-38.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: NTLA is currently unprofitable.

Growing Profit Margin: NTLA is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: NTLA is unprofitable, and losses have increased over the past 5 years at a rate of 38.2% per year.

Accelerating Growth: Unable to compare NTLA's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: NTLA is unprofitable, making it difficult to compare its past year earnings growth to the Biotechs industry (40.8%).


Return on Equity

High ROE: NTLA has a negative Return on Equity (-45.48%), as it is currently unprofitable.


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Financial Health

How is Intellia Therapeutics's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: NTLA's short term assets ($895.4M) exceed its short term liabilities ($123.8M).

Long Term Liabilities: NTLA's short term assets ($895.4M) exceed its long term liabilities ($106.1M).


Debt to Equity History and Analysis

Debt Level: NTLA is debt free.

Reducing Debt: NTLA has not had any debt for past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: NTLA has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: NTLA has sufficient cash runway for 2 years if free cash flow continues to reduce at historical rates of 41.3% each year.


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Dividend

What is Intellia Therapeutics's current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate NTLA's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate NTLA's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if NTLA's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if NTLA's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as NTLA has not reported any payouts.


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Management

How experienced are the management team and are they aligned to shareholders interests?

3.8yrs

Average management tenure


CEO

John Leonard (65 yo)

4.58yrs

Tenure

US$9,773,560

Compensation

Dr. John M. Leonard, M.D., is an Executive Partner at Tyree & D'Angelo Partners. He has been a Director at IQVIA Holdings Inc. since February 2015 and has been its Lead Director since July 25, 2018. Dr. Le...


CEO Compensation Analysis

Compensation vs Market: John's total compensation ($USD9.77M) is above average for companies of similar size in the US market ($USD6.59M).

Compensation vs Earnings: John's compensation has increased whilst the company is unprofitable.


Leadership Team

Experienced Management: NTLA's management team is considered experienced (3.8 years average tenure).


Board Members

Experienced Board: NTLA's board of directors are considered experienced (7.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 3.4%.


Top Shareholders

Company Information

Intellia Therapeutics, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Intellia Therapeutics, Inc.
  • Ticker: NTLA
  • Exchange: NasdaqGM
  • Founded: 2014
  • Industry: Biotechnology
  • Sector: Pharmaceuticals & Biotech
  • Implied Market Cap: US$4.592b
  • Shares outstanding: 76.01m
  • Website: https://www.intelliatx.com

Number of Employees


Location

  • Intellia Therapeutics, Inc.
  • 40 Erie Street
  • Suite 130
  • Cambridge
  • Massachusetts
  • 2139
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/09 00:00
End of Day Share Price2022/08/09 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.