摩根士丹利因罕见病资产预期下调而下调interia评级

2025-01-28 01:07

Morgan Stanley has downgraded Intellia Therapeutics (NASDAQ:NTLA) to equal weight from overweight citing "a more measured launch" of its transthyretin amyloidosis (ATTR) candidate nexiguran ziclumeran.
In addition, the investment bank sees a lack of catalysts in 2025.
Morgan Stanley cut its price target to $11 from $56 (no upside or downside based on Jan. 24 close).
Analyst Terence C. Flynn said that Pfizer's (PFE) Vyndaqel (tafamidis), a once-daily oral therapy, is the current standard of care for ATTR with cardiomyopathy. Intellia also faces competition from BridgeBio Pharma's (BBIO) Attruby (acoramidis), an oral drug given twice daily. In addition, Alnylam Pharamceuticals (ALNY) could see approval of Amvuttra (vutrisiran) for ATTR-CM in late March.
Flynn noted that he had spoken with a cardiology specialist about the ATTR market and "while she characterized the existing Nex-z data as promising she caveated that it's early to know about any potential downstream
changes, and as a result views the drug as a better option for hereditary ATTR patients rather than wildtype. This group represents ~50 out of 400 of her patients under care (~12.5%)."

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