Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) Position Trimmed by Suvretta Capital Management LLC

Suvretta Capital Management LLC lowered its stake in Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) by 8.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,439,026 shares of the biopharmaceutical company’s stock after selling 126,970 shares during the period. Intra-Cellular Therapies accounts for 3.4% of Suvretta Capital Management LLC’s holdings, making the stock its 4th biggest position. Suvretta Capital Management LLC owned 1.36% of Intra-Cellular Therapies worth $105,294,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in ITCI. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Intra-Cellular Therapies by 3.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 323,208 shares of the biopharmaceutical company’s stock worth $23,649,000 after purchasing an additional 11,104 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Intra-Cellular Therapies by 13.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,522 shares of the biopharmaceutical company’s stock worth $1,648,000 after buying an additional 2,622 shares during the period. Cynosure Group LLC raised its position in Intra-Cellular Therapies by 161.0% during the 3rd quarter. Cynosure Group LLC now owns 14,442 shares of the biopharmaceutical company’s stock worth $1,057,000 after buying an additional 8,909 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Intra-Cellular Therapies by 1.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 22,057 shares of the biopharmaceutical company’s stock valued at $1,614,000 after acquiring an additional 283 shares during the period. Finally, Westfield Capital Management Co. LP boosted its holdings in shares of Intra-Cellular Therapies by 11.2% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,159,356 shares of the biopharmaceutical company’s stock valued at $84,830,000 after acquiring an additional 116,494 shares during the last quarter. 92.33% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, President Michael Halstead sold 22,869 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $89.12, for a total value of $2,038,085.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

ITCI has been the subject of several recent research reports. JPMorgan Chase & Co. raised their target price on shares of Intra-Cellular Therapies from $81.00 to $89.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Needham & Company LLC reiterated a “buy” rating and set a $100.00 price objective on shares of Intra-Cellular Therapies in a research note on Wednesday, October 30th. Royal Bank of Canada upped their target price on Intra-Cellular Therapies from $106.00 to $108.00 and gave the stock an “outperform” rating in a research note on Friday, October 4th. Piper Sandler upgraded Intra-Cellular Therapies from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $68.00 to $92.00 in a research report on Friday, September 6th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $130.00 price target on shares of Intra-Cellular Therapies in a report on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.23.

Intra-Cellular Therapies Stock Performance

NASDAQ:ITCI opened at $86.59 on Friday. The company has a fifty day moving average of $80.10 and a two-hundred day moving average of $75.29. Intra-Cellular Therapies, Inc. has a fifty-two week low of $58.78 and a fifty-two week high of $93.45.

Intra-Cellular Therapies (NASDAQ:ITCI) last released its quarterly earnings results on Wednesday, October 30th. The biopharmaceutical company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.07). Intra-Cellular Therapies had a negative return on equity of 9.93% and a negative net margin of 14.07%. The company had revenue of $175.40 million for the quarter, compared to analyst estimates of $172.30 million. During the same quarter last year, the company earned ($0.25) EPS. The firm’s revenue for the quarter was up 39.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Intra-Cellular Therapies, Inc. will post -0.64 earnings per share for the current year.

Intra-Cellular Therapies Company Profile

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.