Can NTLA Stock Bounce Back in 2026 After Recent Pipeline Setbacks?
Intellia Therapeutics NTLA is currently advancing two late-stage in vivo pipeline candidates – nex-z (or, NTLA-2001) for transthyretin (ATTR) amyloidosis and lonvo-z (or, NTLA-2002) for hereditary angioedema (HAE).
Intellia is developing nex-z, in collaboration with Regeneron Pharmaceuticals REGN. Nex-z is being evaluated in two late-stage studies, MAGNITUDE and MAGNITUDE-2, for ATTR amyloidosis with cardiomyopathy (ATTR-CM) and ATTR amyloidosis with polyneuropathy (ATTRv-PN), respectively.
While NTLA is the lead party in the deal for nex-z, REGN shares 25% of the development costs and commercial profits. The collaboration with REGN for nex-z is a boost for Intellia, as it provides the latter with resources to support the development of the candidate.
Last month, the FDA placed a clinical hold on NTLA’s phase III MAGNITUDE and MAGNITUDE-2 studies for ATTR-CM and ATTRv-PN, respectively. So far, Grade 4 liver enzyme elevations have been observed in under 1% of the MAGNITUDE study patients and none in the MAGNITUDE-2 study.
As 2026 approaches, Intellia is working with investigators and regulators to understand the issue and develop additional risk-mitigation strategies. With the clinical hold in place, Intellia has suspended its milestone guidance for nex-z and will provide an update once a regulatory path forward is established.
Intellia is developing another in vivo candidate, lonvo-z, for the treatment of HAE. The company completed enrolling HAE patients in the pivotal phase III HAELO study evaluating lonvo-z in September 2025 and now expects to share top-line data by mid-2026.
The company remains on track to submit a potential biologics license application for NTLA-2002 in HAE in the second half of 2026.
However, the regulatory setback faced in the case of nex-z has cast a doubt on the outlook for lonvo-z. This makes NTLA’s HAE study outcome, to be reported next year, increasingly important for its near-term success heading into 2026.
NTLA's Competition in the Target Market
While Intellia’s pipeline of innovative CRISPR-based therapies looks promising, the development of these remains a complex affair. Upon successful development and potential approval, the candidates are likely to face stiff competition from companies that are also using the CRISPR/Cas9 gene editing technology to address various diseases in specific areas.
CRISPR Therapeutics CRSP is the first and only company in the world to market a CRISPR/Cas9-based therapy. The company’s one-shot gene therapy, Casgevy, was approved in late 2023 and early 2024 across the United States and Europe for two blood disorder indications — sickle cell disease (SCD) and transfusion-dependent beta-thalassemia (TDT).
CRSP has developed Casgevy in partnership with large biotech, Vertex Pharmaceuticals, which is responsible for the therapy’s global development and commercialization. Vertex recorded $61.5 million in Casgevy revenues in the first nine months of 2025.
Meanwhile, Beam Therapeutics BEAM is developing its genome-editing candidate, BEAM-101, in the phase I/II BEACON study for treating SCD.
Beam Therapeutics is also developing in vivo therapies in early- to mid-stage studies targeting AATD-associated liver disease and glycogen storage disease Ia indications.
NTLA's Price Performance, Valuation and Estimates
Year to date, shares of Intellia have plunged 25.6% against the industry’s rise of 15.4%. The stock has also underperformed the sector and the S&P 500 during the same time frame, as seen in the chart below.
Image Source: Zacks Investment Research
From a valuation standpoint, Intellia is trading at a discount to the industry. Going by the price/book ratio, the company’s shares currently trade at 1.24, lower than 3.65 for the industry. The stock is trading below its five-year mean of 3.01.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Intellia’s 2025 loss per share has narrowed from $4.14 to $4.00 over the past 30 days. Loss per share estimates for 2026 have also narrowed from $4.10 to $3.61 during the same time frame.
Image Source: Zacks Investment Research
NTLA's Zacks Rank
Intellia currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).
