Intellia Earnings: Gene Editing Pipeline Continues to Make Progress; Shares Very Undervalued

Intellia Therapeutics reported third-quarter results in line with our expectations, and its pipeline candidates are continuing to progress in development. Collaboration revenue totaled $12 million for the quarter, and we appreciate that Intellia ended the quarter in a healthy financial position with about $992 million in cash and marketable securities, which will help fund its R&D 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 70% below our fair value estimate.