Intra-Cellular Therapies (NASDAQ:ITCI) Lifted to Overweight at Piper Sandler

Intra-Cellular Therapies (NASDAQ:ITCI) was upgraded by equities research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research note issued on Friday, Briefing.com reports. The brokerage presently has a $92.00 price target on the biopharmaceutical company’s stock, up from their previous price target of $68.00. Piper Sandler’s price objective suggests a potential upside of 27.04% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on ITCI. UBS Group reduced their target price on shares of 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. Canaccord Genuity Group raised their target price on Intra-Cellular Therapies from $107.00 to $113.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Mizuho increased their price objective on Intra-Cellular Therapies from $96.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. Cantor Fitzgerald increased their price objective on Intra-Cellular Therapies from $120.00 to $130.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Finally, The Goldman Sachs Group lowered their price objective on Intra-Cellular Therapies from $77.00 to $74.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $96.58.

Intra-Cellular Therapies Trading Down 0.3 %

Shares of NASDAQ ITCI opened at $72.42 on Friday. The firm has a market capitalization of $7.65 billion, a PE ratio of -62.43 and a beta of 1.01. Intra-Cellular Therapies has a 1 year low of $45.50 and a 1 year high of $84.89. The firm’s 50-day moving average is $74.95 and its 200-day moving average is $71.17.

Intra-Cellular Therapies (NASDAQ:ITCI) last released its quarterly earnings data on Wednesday, August 7th. The biopharmaceutical company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.03. The business had revenue of $161.40 million for the quarter, compared to analyst estimates of $157.74 million. Intra-Cellular Therapies had a negative net margin of 14.93% and a negative return on equity of 11.48%. Intra-Cellular Therapies’s quarterly revenue was up 45.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.45) EPS. As a group, equities research analysts anticipate that Intra-Cellular Therapies will post -0.59 earnings per share for the current fiscal year.

Insider Transactions at Intra-Cellular Therapies

In other news, Director Rory B. Riggs sold 4,462 shares of Intra-Cellular Therapies stock in a transaction dated 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 the SEC website. In related news, EVP Mark Neumann sold 18,714 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $75.08, for a total transaction of $1,405,047.12. Following the completion of the transaction, the executive vice president now owns 29,700 shares of the company’s stock, valued at approximately $2,229,876. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Rory B. Riggs sold 4,462 shares of Intra-Cellular Therapies 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 transaction, the director now owns 116,600 shares in the company, valued at $8,811,462. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 199,778 shares of company stock worth $14,892,738. Insiders own 3.40% of the company’s stock.

Institutional Trading of Intra-Cellular Therapies

Hedge funds have recently bought and sold shares of the stock. Oak Ridge Investments LLC purchased a new position in Intra-Cellular Therapies in the 2nd quarter valued at about $811,000. Perceptive Advisors LLC purchased a new position in Intra-Cellular Therapies in the fourth quarter valued at about $7,735,000. SG Americas Securities LLC boosted its position in Intra-Cellular Therapies by 962.7% during the second quarter. SG Americas Securities LLC now owns 48,778 shares of the biopharmaceutical company’s stock worth $3,341,000 after acquiring an additional 44,188 shares during the last quarter. Schroder Investment Management Group boosted its holdings in shares of Intra-Cellular Therapies by 36.7% in the 4th quarter. Schroder Investment Management Group now owns 779,823 shares of the biopharmaceutical company’s stock valued at $55,851,000 after purchasing an additional 209,331 shares during the last quarter. Finally, Clearbridge Investments LLC increased its stake in Intra-Cellular Therapies by 12.3% during the 1st quarter. Clearbridge Investments LLC now owns 1,744,551 shares of the biopharmaceutical company’s stock worth $120,723,000 after buying an additional 191,416 shares during the period. Hedge funds and other institutional investors own 92.33% of the company’s stock.

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.