Intra-Cellular Therapies (NASDAQ:ITCI) Shares Gap Up – Here’s What Happened

Shares of Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) gapped up prior to trading on Monday . The stock had previously closed at $94.87, but opened at $127.95. Intra-Cellular Therapies shares last traded at $126.98, with a volume of 9,146,297 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts recently commented on ITCI shares. JPMorgan Chase & Co. lifted their price target on Intra-Cellular Therapies from $81.00 to $89.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Royal Bank of Canada lifted 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. Cantor Fitzgerald reissued an “overweight” rating and set a $130.00 target price on shares of Intra-Cellular Therapies in a report on Monday, September 16th. Morgan Stanley raised their price target on Intra-Cellular Therapies from $92.00 to $95.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Finally, Needham & Company LLC reiterated a “hold” rating and issued a $100.00 price objective on shares of Intra-Cellular Therapies in a report on Monday. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Intra-Cellular Therapies presently has a consensus rating of “Moderate Buy” and an average price target of $97.23.

Intra-Cellular Therapies Price Performance

The business’s 50-day moving average is $85.57 and its 200 day moving average is $78.87. The firm has a market capitalization of $13.52 billion, a P/E ratio of -146.61 and a beta of 0.70.

Intra-Cellular Therapies (NASDAQ:ITCI) last announced its earnings results on Wednesday, October 30th. The biopharmaceutical company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.07). The business had revenue of $175.40 million for the quarter, compared to the consensus estimate of $172.30 million. Intra-Cellular Therapies had a negative return on equity of 9.93% and a negative net margin of 14.07%. The firm’s revenue for the quarter was up 39.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.25) earnings per share. Analysts anticipate that Intra-Cellular Therapies, Inc. will post -0.64 EPS for the current fiscal year.

Insider Buying and Selling at Intra-Cellular Therapies

In other news, President Michael Halstead sold 22,869 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $89.12, for a total transaction of $2,038,085.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sharon Mates sold 51,000 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $85.80, for a total value of $4,375,800.00. Following the sale, the chief executive officer now owns 1,070,329 shares of the company’s stock, valued at approximately $91,834,228.20. This represents a 4.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Wasatch Advisors LP boosted its holdings in shares of Intra-Cellular Therapies by 3.5% during the 3rd quarter. Wasatch Advisors LP now owns 3,848,588 shares of the biopharmaceutical company’s stock valued at $281,601,000 after acquiring an additional 130,351 shares in the last quarter. Avoro Capital Advisors LLC raised its position in Intra-Cellular Therapies by 21.2% in the second quarter. Avoro Capital Advisors LLC now owns 3,000,000 shares of the biopharmaceutical company’s stock valued at $205,470,000 after purchasing an additional 525,000 shares during the last quarter. Bellevue Group AG boosted its stake in shares of Intra-Cellular Therapies by 0.6% during the third quarter. Bellevue Group AG now owns 2,485,627 shares of the biopharmaceutical company’s stock valued at $181,873,000 after purchasing an additional 14,342 shares in the last quarter. State Street Corp grew its holdings in shares of Intra-Cellular Therapies by 3.1% during the third quarter. State Street Corp now owns 1,858,915 shares of the biopharmaceutical company’s stock worth $136,017,000 after purchasing an additional 56,664 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake in shares of Intra-Cellular Therapies by 9.7% in the third quarter. Franklin Resources Inc. now owns 1,753,286 shares of the biopharmaceutical company’s stock valued at $129,463,000 after buying an additional 155,655 shares during the period. Institutional investors and hedge funds 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.