Yahoo Finance Intellia (NTLA) Shares Fall as CFO Glenn Goddard Steps Down
Shares of Intellia Therapeutics, Inc. NTLA were down 4.5% on Jun 26 after it announced that its current chief financial officer (CFO), Glenn Goddard, is stepping down from his role effective Jun 30, 2024.
The company has appointed Edward Dulac as its new CFO, executive vice president and treasurer. He will assume his new role with effect from Jul 22, 2024.
Dulac most recently served as the CFO of Fate Therapeutics. He previously held senior leadership positions at Celgene (now part of Bristol Myers) and also worked as a biopharmaceutical equity research analyst at Barclays Capital and Lehman Brothers.
Year to date, shares of Intellia have plunged 24.8% compared with the industry’s decline of 4.6%.
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Intellia is a genome editing company focused on developing CRISPR/Cas9-based therapeutics. The company is developing its lead in vivo genome-editing candidate, NTLA-2001, for the treatment of transthyretin (ATTR) amyloidosis.
NTLA is collaborating with Regeneron Pharmaceuticals REGN for the development of NTLA-2001.
NTLA-2001 is part of the company’s co-development and co-promotion agreement with Regeneron. While NTLA is the lead party in the deal for NTLA-2001, REGN shares 25% of the development costs and commercial profits.
NTLA-2001 is being studied for two indications — ATTR amyloidosis with polyneuropathy (ATTRv-PN) patients and ATTR amyloidosis with cardiomyopathy (ATTR-CM) patients. The phase III MAGNITUDE study evaluating NTLA-2001 to treat ATTR amyloidosis with cardiomyopathy is currently ongoing.
Earlier this month, the company reported encouraging long-term data from the phase I portion of its early to mid-stage study evaluating another gene-editing candidate, NTLA-2002 for treating hereditary angioedema (HAE).
Per management, the long-term data has underlined the candidate's potential as a ground breaking treatment for HAE as patients experienced durable elimination of their HAE attacks in the ongoing phase I/II study.
With several clinical milestones expected later in the year, it remains to be seen how the leadership transition helps Intellia in revolutionizing medicine with CRISPR-based therapies and drives long-term growth.
Zacks Rank & Stocks to Consider
Intellia currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the healthcare sector are Aligos Therapeutics, Inc. ALGS and RAPT Therapeutics, Inc. RAPT, each 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 60 days, estimates for Aligos Therapeutics’ 2024 loss per share have narrowed from 84 cents to 73 cents, while loss per share estimates for 2025 have narrowed from 82 cents to 71 cents. Year to date, shares of ALGS have declined 40%.
ALGS’s earnings beat estimates in three of the trailing four quarters and missed on the other occasion, the average surprise being 7.83%.
In the past 60 days, estimates for RAPT Therapeutics’ 2024 loss per share have narrowed from $3.19 to $2.93. Loss per share estimates for 2025 have narrowed from $2.40 to $2.05. Year to date, shares of RAPT have plunged 87.7%.
RAPT’s earnings beat estimates in two of the trailing four quarters while missing on the remaining two occasions, the average surprise being 3.19%.
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Regeneron Pharmaceuticals, Inc. (REGN) : Free Stock Analysis Report
Intellia Therapeutics, Inc. (NTLA) : Free Stock Analysis Report
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Aligos Therapeutics, Inc. (ALGS) : Free Stock Analysis Report
