Lord Abbett & CO. LLC Sells 300,280 Shares of Intra-Cellular Therapies, Inc. (NASDAQ:ITCI)

Lord Abbett & CO. LLC trimmed its position in Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) by 38.8% in the first quarter, Holdings Channel reports. The fund owned 472,687 shares of the biopharmaceutical company’s stock after selling 300,280 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Intra-Cellular Therapies were worth $32,710,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of ITCI. Perceptive Advisors LLC acquired a new stake in Intra-Cellular Therapies in the fourth quarter valued at $7,735,000. Quantum Private Wealth LLC increased its holdings in Intra-Cellular Therapies by 64.7% in the fourth quarter. Quantum Private Wealth LLC now owns 23,705 shares of the biopharmaceutical company’s stock valued at $1,698,000 after purchasing an additional 9,308 shares during the period. Schroder Investment Management Group grew its holdings in Intra-Cellular Therapies by 36.7% during the 4th quarter. Schroder Investment Management Group now owns 779,823 shares of the biopharmaceutical company’s stock worth $55,851,000 after acquiring an additional 209,331 shares during the period. HealthInvest Partners AB acquired a new stake in Intra-Cellular Therapies during the 4th quarter worth about $877,000. Finally, Lighthouse Investment Partners LLC acquired a new stake in Intra-Cellular Therapies during the 4th quarter worth about $4,473,000. 92.33% of the stock is currently owned by institutional investors.

Intra-Cellular Therapies Stock Performance

Shares of Intra-Cellular Therapies stock traded down $0.08 during mid-day trading on Friday, hitting $74.86. 685,088 shares of the stock were exchanged, compared to its average volume of 1,024,860. Intra-Cellular Therapies, Inc. has a 12 month low of $45.50 and a 12 month high of $84.89. The company has a 50-day simple moving average of $70.08 and a 200 day simple moving average of $69.57. The company has a market capitalization of $7.90 billion, a P/E ratio of -64.53 and a beta of 1.01.

Intra-Cellular Therapies (NASDAQ:ITCI) last posted its quarterly earnings data on Tuesday, May 7th. The biopharmaceutical company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.15. Intra-Cellular Therapies had a negative return on equity of 18.49% and a negative net margin of 21.57%. The business had revenue of $144.90 million for the quarter, compared to the consensus estimate of $141.41 million. During the same quarter in the prior year, the business earned ($0.46) earnings per share. Intra-Cellular Therapies’s revenue for the quarter was up 52.0% on a year-over-year basis. Analysts predict that Intra-Cellular Therapies, Inc. will post -0.53 EPS for the current year.

Insider Buying and Selling at Intra-Cellular Therapies

In other news, Director Nostrand Robert L. Van sold 20,000 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $75.91, for a total value of $1,518,200.00. Following the transaction, the director now owns 9,690 shares of the company’s stock, valued at $735,567.90. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Nostrand Robert L. Van sold 20,000 shares of the stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $75.91, for a total value of $1,518,200.00. Following the transaction, the director now owns 9,690 shares of the company’s stock, valued at $735,567.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Rory B. Riggs sold 4,462 shares of the stock in a transaction on Monday, June 24th. The shares were sold at an average price of $75.57, for a total value of $337,193.34. Following the completion of the transaction, the director now directly owns 116,600 shares in the company, valued at approximately $8,811,462. The disclosure for this sale can be found here. Insiders own 3.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on ITCI. UBS Group reiterated a “neutral” rating and set a $83.00 price target (down from $85.00) on shares of Intra-Cellular Therapies in a report on Tuesday, June 25th. Mizuho raised their target price on Intra-Cellular Therapies from $96.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, June 21st. Needham & Company LLC raised their price target on shares of Intra-Cellular Therapies from $90.00 to $94.00 and gave the company a “buy” rating in a research report on Tuesday, June 18th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $120.00 price target on shares of Intra-Cellular Therapies in a research report on Friday, June 14th. Finally, JPMorgan Chase & Co. raised their price target on shares of Intra-Cellular Therapies from $75.00 to $78.00 and gave the company an “overweight” rating in a research report on Wednesday, June 12th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $94.33.

About Intra-Cellular Therapies

Intra-Cellular Therapies, Inc, a biopharmaceutical company, focuses on the discovery, clinical development, and commercialization of small molecule drugs that address medical needs primarily in neuropsychiatric and neurological disorders by targeting intracellular signaling mechanisms in the central nervous system (CNS) in the United States.