** Shares of Intellia Therapeutics down 4.2% at $11.52 premarket
** NTLA on Thursday announced plans to discontinue its early-stage therapy, NTLA-3001, for a type of lung disease
** It also plans to cut workforce by about 27% this year
** Company plans to refocus resources on two of its late-stage therapies — NTLA-2002 and nex-z — and prepare for their commercial launch
** At least three brokerages cut their PT on NTLA's stock following the company's announcement
** BMO Capital analysts say investors may question the timing of NTLA's decision since dosing in the early-stage trial of NTLA-3001 in H2 2024
** Discontinuing NTLA-3001 "is the right decision and alleviates NTLA's financing overhang" - BMO Capital
** NTLA says it ended 2024 with about $862 million in cash and equivalents; cash balance and expected cost savings to provide cash runway into H1 2027
** Shares fell ~62% in 2024
(Reporting by Bhanvi Satija in Bengaluru)
((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91 9873062788;))
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