Intellia Therapeutics fell 14% Thursday while short interest ticked up to 34.4% of float. Cost to borrow rose 25% week-over-week. ARK and Vanguard added over 2 million shares each in Q1. Analysts hold a Buy consensus with 13 Buy ratings, though targets range from $15 to $48.
NTLA closed at $13.63 on April 24, down 14.1% on the day. The stock fell 8.8% over the past week but remains up 6.4% month-over-month. The sharp single-day drop erased much of the recent gains, leaving shares near mid-range levels last seen in early April.
Short interest stands at 39.86 million shares, representing 34.4% of the float as of April 23. The position ticked up 0.2% day-over-day and 0.7% over the past week. Over the past month, however, short sellers reduced positions by 12.0%. The shares-short figure peaked at 45.3 million in mid-March before declining steadily through early April. The current level sits well below that peak but has stabilized over the past two weeks.
Cost to borrow is 0.71%, up 25.4% week-over-week and 15.5% over the trailing month. The fee has fluctuated between 0.44% and 0.74% since late March, with the current reading near the upper end of that range. Utilization is 59.2%, up from 55.7% a week ago. The metric hit a 52-week high of 78.2% on April 14, then fell sharply before recovering in recent sessions. The current utilization level is the highest since April 13.
The put-call ratio sits at 0.2954, slightly above the 20-day mean of 0.2902. The z-score of 0.48 indicates mild bullishness relative to recent norms. Over the past 52 weeks, the PCR has ranged from 0.2354 to 0.431. The current reading is in the lower half of that range, reflecting a tilt toward call activity.
The analyst consensus is Buy, with 13 Buy ratings and one Outperform. No Hold, Sell, or Underperform ratings were reported. Ten recent changes occurred between late January and early March, centered around the late-February earnings release.
Jones Trading upgraded NTLA to Buy from Hold on March 4, assigning a $29 target. Canaccord Genuity lowered its target to $48 from $54 on March 3 while maintaining Buy. Leerink Partners raised its Outperform target to $29 from $27 the same day. RBC Capital lifted its Sector Perform target to $15 from $9. Wells Fargo raised its Equal-Weight target to $15 from $12. Citizens boosted its Market Outperform target to $28 from $21. HC Wainwright increased its Buy target to $30 from $25. Chardan Capital raised its Buy target to $27 from $26 on March 2, then reiterated the $26 target on February 27. In late January, HC Wainwright had lifted its target to $25 from $15.
The wide target range—from $15 to $48—underscores divergent views on the biotech's regulatory and clinical prospects. According to Benzinga's analyst synthesis, bulls point to rising approval probabilities for the MAGNITUDE trial (now 35% versus 25% prior) and a favorable FDA stance on genetic-medicine risk-reward profiles. Bears cite regulatory uncertainty, potential trial delays, and gene-editing safety concerns as headwinds.
The price-to-book multiple is 4.34, up 0.26 points over the past week and 0.75 points over the past month. The price-to-earnings ratio is negative at –4.73, reflecting a trailing twelve-month loss. EV/EBITDA stands at –3.05. Earnings per share is negative, with an earnings yield of –0.21.
NTLA scores in the 79th percentile on ORTEX's sector score and the 73rd percentile on dividend score (despite paying no dividend). Short score ranks in the 4th percentile, indicating the short interest is elevated relative to the broader market. Days-to-cover and utilization both rank in the 16th percentile. EPS momentum ranks in the 32nd percentile over 30 days and the 39th percentile over 90 days. EPS surprise sits in the 44th percentile, while the 12-month forward EPS year-over-year increase ranks in the 28th percentile. Analyst recommendation differential is in the 47th percentile.
ARK Investment Management added 2.29 million shares in Q1 2026, bringing its stake to 14.21 million shares (12.0% of shares outstanding). Vanguard added 1.97 million shares to reach 13.01 million (11.0%). BlackRock increased by 1.00 million to 10.28 million shares (8.7%). State Street added 1.45 million to 6.42 million shares (5.4%). D. E. Shaw added 3.10 million shares as of year-end 2025, holding 5.33 million (4.5%). Regeneron Pharmaceuticals maintained its 3.70 million-share stake (3.1%) unchanged. Two Sigma Investments added 249,131 shares to 2.70 million, while Two Sigma Advisers added 182,900 shares to 2.35 million. Geode Capital added 107,333 shares to 2.70 million, and Dimensional added 247,424 shares to 1.93 million. FMR LLC added 476,168 shares to 1.75 million as of late February.
The fresh capital from ARK, Vanguard, and BlackRock signals continued institutional conviction. ARK's aggressive add—nearly 2.3 million shares—is notable given the fund's focus on disruptive innovation and high-risk biotech names.
Insiders net sold 323,801 shares over the past 90 days for a total net value of $3.04 million. Recent transactions include routine tax-related sales by executives in early March and early January. On January 5, Director Fred Cohen purchased 150,000 shares at $9.35 for a total of $1.40 million, the only material insider buy in the period. President and CEO John Leonard sold 34,146 shares at $9.21 for $314,485 the same day. CFO Edward Dulac sold 6,379 shares at $9.21 for $58,751. CTO Eliana Clark sold 9,515 shares at $9.21 for $87,633. Executive Vice President James Basta sold 10,397 shares at $9.21 for $95,756. Chief Medical Officer David Lebwohl sold 11,903 shares at $9.21 for $109,627. Executive Vice President Birgit Schultes sold 8,508 shares at $9.21 for $78,359. Chief Accounting Officer Michael Dube sold 2,989 shares at $9.21 for $27,529.
Cohen's $1.4 million purchase represents 0.2% of shares outstanding and was classified as high-significance (score 3). The executive sales were all low-significance (score 1) and likely tied to stock-based compensation vesting and tax obligations.
Intellia is scheduled to report earnings on May 7 at 4:00 PM ET. The company last reported on February 26, with prior calls in November 2025. Investors will look for updates on the MAGNITUDE trial, pipeline progress, and cash-burn guidance. The wide analyst target spread suggests the print could drive material volatility in either direction.
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