Intellia Earnings: Gene Editing Pipeline Makes Progress; Shares Very Undervalued

Intellia Therapeutics reported second-quarter results in line with our expectations, and its pipeline candidates are continuing to progress in development. Collaboration revenue totaled $13.6 million, representing an 8% increase from the first quarter of 2023. We appreciate that Intellia ended the quarter in a healthy financial position with about $1.1 billion in cash and marketable securities, which will help fund its research and development expenses as it develops its pipeline candidates. We maintain our positive outlook and fair value estimate of $85 per share. We view the stock as very undervalued, currently trading in 5-star territory about 54% below our fair value estimate.