Intra-Cellular Therapies (NASDAQ:ITCI) Hits New 12-Month High – Here’s Why

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $128.45 and last traded at $128.52, with a volume of 412126 shares traded. The stock had previously closed at $127.96.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ITCI. Cantor Fitzgerald upgraded shares of Intra-Cellular Therapies from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 14th. Piper Sandler reiterated a “neutral” rating and issued a $132.00 target price (up previously from $107.00) on shares of Intra-Cellular Therapies in a research note on Tuesday, January 14th. Canaccord Genuity Group lowered Intra-Cellular Therapies from a “buy” rating to a “hold” rating and boosted their price target for the stock from $119.00 to $132.00 in a research report on Friday, January 31st. StockNews.com began coverage on shares of Intra-Cellular Therapies in a research report on Sunday, February 16th. They issued a “hold” rating for the company. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $132.00 target price (up from $108.00) on shares of Intra-Cellular Therapies in a research report on Wednesday, January 22nd. Nine equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $103.62.

Intra-Cellular Therapies Stock Up 0.0 %

The firm has a market capitalization of $13.67 billion, a price-to-earnings ratio of -147.81 and a beta of 0.72. The stock has a 50 day moving average of $109.36 and a 200 day moving average of $89.29.

Intra-Cellular Therapies (NASDAQ:ITCI) last issued its quarterly earnings results on Friday, February 21st. The biopharmaceutical company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.08). Intra-Cellular Therapies had a negative net margin of 14.07% and a negative return on equity of 9.93%. Analysts predict that Intra-Cellular Therapies, Inc. will post -0.64 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Sharon Mates sold 51,000 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $85.80, for a total transaction of $4,375,800.00. Following the sale, the chief executive officer now owns 1,070,329 shares in the company, valued at $91,834,228.20. This represents a 4.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Intra-Cellular Therapies

Several institutional investors have recently modified their holdings of ITCI. Vanguard Group Inc. grew its holdings in Intra-Cellular Therapies by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 9,721,360 shares of the biopharmaceutical company’s stock worth $811,928,000 after buying an additional 93,107 shares in the last quarter. Wasatch Advisors LP boosted its position in 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 worth $281,601,000 after acquiring an additional 130,351 shares during the period. Norges Bank bought a new position in shares of Intra-Cellular Therapies in the fourth quarter worth $268,347,000. Invesco Ltd. increased its holdings in shares of Intra-Cellular Therapies by 2.9% during the fourth quarter. Invesco Ltd. now owns 3,077,174 shares of the biopharmaceutical company’s stock valued at $257,006,000 after purchasing an additional 87,582 shares during the period. Finally, Bellevue Group AG raised 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. Institutional investors own 92.33% of the company’s stock.

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.