10 Most Promising Biotech Stocks According to Hedge Funds

7. Intellia Therapeutics, Inc. (NASDAQ:NTLA)

Average Upside: 258.81%

Number of Hedge Fund Holders: 29

Founded in 2014, Intellia Therapeutics, Inc. (NASDAQ:NTLA) is a U.S.-based clinical-stage biotechnology company focused on developing potentially curative therapies using CRISPR-based technologies.

The company recently announced successful Phase II results for its hereditary angioedema (HAE) treatment, achieving both primary and secondary endpoints. Following these positive outcomes, Intellia Therapeutics, Inc. (NASDAQ:NTLA) plans to launch a pivotal Phase III trial for HAE in the second half of 2024. It has also initiated a pivotal trial for treating transthyretin amyloid cardiomyopathy (TTR-CM) across 35 global sites.

RBC Capital Markets continues to rate Intellia’s stock as Outperform, despite a slight revision in its price target. RBC’s confidence is driven by the potential of Intellia’s TTR and HAE therapies to impact two multi-billion-dollar markets. Additionally, Intellia Therapeutics, Inc. (NASDAQ:NTLA) is preparing for a potential U.S. filing for transthyretin amyloid polyneuropathy (TTR-PN), using data from the ongoing TTR-CM study in its discussions with the FDA.

Additionally, Intellia Therapeutics, Inc. (NASDAQ:NTLA) remains in a strong financial position, with $939.9 million in cash reserves, expected to sustain operations through late 2026.

At the close of Q2 2024, 29 of the 912 hedge funds tracked by Insider Monkey held shares of Intellia Therapeutics, Inc. (NASDAQ:NTLA), with Catherine D. Wood’s ARK Investment Management being the largest investor.