Short Interest in Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) Declines By 14.7%

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) was the recipient of a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 2,490,000 shares, a drop of 14.7% from the July 15th total of 2,920,000 shares. Based on an average daily trading volume, of 1,110,000 shares, the days-to-cover ratio is presently 2.2 days.

Insider Buying and Selling

In related news, Director Rory B. Riggs sold 4,462 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $75.57, for a total transaction of $337,193.34. Following the transaction, the director now owns 116,600 shares in the company, valued at approximately $8,811,462. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Intra-Cellular Therapies news, Director Nostrand Robert L. Van sold 20,000 shares of Intra-Cellular Therapies stock in a transaction that occurred 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 directly owns 9,690 shares in the company, valued at approximately $735,567.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rory B. Riggs sold 4,462 shares of Intra-Cellular Therapies stock in a transaction that occurred 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 sale, the director now owns 116,600 shares in the company, valued at $8,811,462. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by company insiders.

Institutional Trading of Intra-Cellular Therapies

Several hedge funds and other institutional investors have recently modified their holdings of the company. Kapitalo Investimentos Ltda acquired a new stake in shares of Intra-Cellular Therapies in the fourth quarter valued at about $26,000. Headlands Technologies LLC acquired a new stake in shares of Intra-Cellular Therapies in the first quarter valued at about $32,000. Signaturefd LLC increased its holdings in shares of Intra-Cellular Therapies by 85.7% during the 4th quarter. Signaturefd LLC now owns 518 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 239 shares during the period. Fidelis Capital Partners LLC acquired a new position in shares of Intra-Cellular Therapies during the first quarter valued at about $53,000. Finally, Summit Securities Group LLC acquired a new stake in shares of Intra-Cellular Therapies during the 2nd quarter worth approximately $56,000. 92.33% of the stock is currently owned by hedge funds and other institutional investors.

Intra-Cellular Therapies Stock Performance

Shares of ITCI stock traded up $0.08 during mid-day trading on Monday, hitting $74.91. 102,088 shares of the stock traded hands, compared to its average volume of 984,214. The company’s 50-day simple moving average is $74.37 and its 200-day simple moving average is $70.90. Intra-Cellular Therapies has a twelve month low of $45.50 and a twelve month high of $84.89. The firm has a market cap of $7.91 billion, a price-to-earnings ratio of -64.51 and a beta of 1.01.

Intra-Cellular Therapies (NASDAQ:ITCI) last released its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.03. 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 $161.40 million during the quarter, compared to analyst estimates of $157.74 million. During the same quarter last year, the company posted ($0.45) EPS. Intra-Cellular Therapies’s revenue for the quarter was up 45.7% on a year-over-year basis. Analysts forecast that Intra-Cellular Therapies will post -0.54 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Canaccord Genuity Group boosted their price target on Intra-Cellular Therapies from $107.00 to $113.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. JPMorgan Chase & Co. boosted their price objective on shares of Intra-Cellular Therapies from $75.00 to $78.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 12th. UBS Group decreased their target price on Intra-Cellular Therapies from $83.00 to $79.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. The Goldman Sachs Group decreased their target price on shares of Intra-Cellular Therapies from $77.00 to $74.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Finally, Mizuho upped their target price on Intra-Cellular Therapies from $96.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, June 21st. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.73.

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.