Why Intellia Therapeutics Stock Is Surging Tuesday

Intellia Therapeutics Inc NTLA shares are trading higher Tuesday after the company announced it received European Union orphan drug designation for NTLA-2002.

What To Know: The European Commission granted orphan drug designation to the company's in vivo CRISPR-based investigational therapy NTLA-2002 for the treatment of hereditary angioedema.

The designation provides incentives to develop therapies for rare diseases where there are either no satisfactory treatment options or significant benefit to those affected by the disease. Intellia has now received five special regulatory designations for NTLA-2002.

"The European Union orphan drug designation for NTLA-2002 represents another important milestone for Intellia as we continue to make rapid progress in the development of a novel, potential one-time treatment for people with hereditary angioedema," said John Leonard, president and CEO of Intellia.

"We are on track to complete enrollment of the Phase 2 portion of the study in the coming weeks, which will bring us one step closer to our goal of delivering a potentially life-changing treatment for people who suffer from this serious and debilitating disease."

Intellia is a clinical-stage genome editing company focused on developing potentially curative single-dose therapeutics leveraging CRISPR-based technologies.

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NTLA Price Action: Intellia shares were up 7.2% at $25.52 at the time of writing, per Benzinga Pro.

Photo: Michal Jarmoluk from Pixabay.