Why Intellia Therapeutics (NTLA) Shares Are Surging Today - Intellia Therapeutics (NASDAQ:NTLA)

Intellia Therapeutics, Inc. NTLA shares are up Thursday as its Q1 results surpassed estimates. The company looks forward to sharing new interim data from NTLA-2001 and NTLA-2002 first-in-human studies in the coming months.
NTLA reported first-quarter FY23 collaboration revenue of $12.61 million, up 12% year over year, beating the analyst consensus of $11.83 million.
The genome editing company reported a loss per share of $(1.17), beating the consensus of $(1.40).
The company's net loss was $(103.1) million in Q1, narrower than $(146.9) million a year ago.
Cash equivalents held by the company as of quarter-end were $1.2 billion.
"Today, we are pleased to announce dosing has begun in the Phase 2 study of NTLA-2002, and based on strong interest from investigators and patients, we expect to complete enrollment in the second half of this year," Chief Executive Officer John Leonard said.
The company's "rapid progression" of the clinical development of NTLA-2002 aligns with the company's goal to bring forth a potential functional cure for treating hereditary angioedema.
Read More: Intellia's Hereditary Angioedema Candidate Shows Reduction In Associated Biomarkers, Attack Rates
Price Action: NTLA shares are trading higher by 13% at $43.62 on the last check Thursday.

Why Intellia Therapeutics Shares Are Surging Today