Intellia Earnings: Stock Jumps as Gene Editing Pipeline Makes Progress; Positive Long-Term Outlook

No-moat Intellia Therapeutics reported first-quarter results in line with our expectations, as its gene editing pipeline is continuing to make progress. The company is on track to complete enrollment of its global phase 3 study evaluating NTLA-2002 in hereditary angioedema in the third quarter. We assign a 35% probability of approval to this candidate, and it could reach the market as early as 2028. Intellia is also making progress with its pipeline candidate, Nex-z in ATTR amyloidosis with polyneuropathy, which dosed it first patient in the global phase 3 trial. We assign this pipeline candidate a 40% probability of approval, and we anticipate it could reach the market as early as 2027. Additionally, enrollment in the phase 3 trial for Nex-z in patients with ATTR amyloidosis with cardiomyopathy is tracking ahead of management’s expectations. Investors reacted favorably to Intellia’s progress and sent the stock up 15%.