Intra-Cellular Therapies (NASDAQ:ITCI) Price Target Raised to $90.00

Intra-Cellular Therapies (NASDAQ:ITCI) had its price objective lifted by TD Cowen from $80.00 to $90.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. TD Cowen’s target price suggests a potential upside of 25.00% from the stock’s previous close.

A number of other analysts also recently weighed in on ITCI. The Goldman Sachs Group upped their price target on shares of Intra-Cellular Therapies from $67.00 to $77.00 and gave the stock a “neutral” rating in a report on Wednesday. Needham & Company LLC reaffirmed a “buy” rating and issued a $82.00 target price on shares of Intra-Cellular Therapies in a report on Tuesday. Cantor Fitzgerald reissued an “overweight” rating and set a $101.00 price target on shares of Intra-Cellular Therapies in a report on Friday, February 23rd. Robert W. Baird lifted their target price on Intra-Cellular Therapies from $83.00 to $103.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $86.00 target price on shares of Intra-Cellular Therapies in a research note on Wednesday, April 3rd. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Intra-Cellular Therapies currently has an average rating of “Moderate Buy” and a consensus target price of $86.17.

Intra-Cellular Therapies Price Performance

ITCI stock opened at $72.00 on Wednesday. The business’s fifty day moving average price is $69.31 and its two-hundred day moving average price is $63.82. The stock has a market capitalization of $6.97 billion, a price-to-earnings ratio of -49.31 and a beta of 1.02. Intra-Cellular Therapies has a fifty-two week low of $45.50 and a fifty-two week high of $84.89.

Intra-Cellular Therapies (NASDAQ:ITCI) last issued its quarterly earnings data on Thursday, February 22nd. The biopharmaceutical company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.14. Intra-Cellular Therapies had a negative net margin of 30.08% and a negative return on equity of 23.02%. The business had revenue of $132.10 million during the quarter, compared to analysts’ expectations of $135.97 million. During the same quarter in the previous year, the company earned ($0.45) EPS. The business’s revenue was up 50.3% on a year-over-year basis. Research analysts expect that Intra-Cellular Therapies will post -0.69 EPS for the current year.

Insider Activity

In related news, CEO Sharon Mates sold 20,565 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $65.21, for a total value of $1,341,043.65. Following the sale, the chief executive officer now owns 1,050,309 shares of the company’s stock, valued at $68,490,649.89. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Intra-Cellular Therapies news, Director Joel S. Marcus sold 26,328 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $68.68, for a total transaction of $1,808,207.04. Following the completion of the sale, the director now owns 39,662 shares of the company’s stock, valued at approximately $2,723,986.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sharon Mates sold 20,565 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $65.21, for a total transaction of $1,341,043.65. Following the completion of the transaction, the chief executive officer now owns 1,050,309 shares in the company, valued at approximately $68,490,649.89. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 168,487 shares of company stock valued at $11,364,950. Insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Intra-Cellular Therapies

Several large investors have recently modified their holdings of ITCI. Wellington Management Group LLP acquired a new stake in Intra-Cellular Therapies during the 1st quarter worth about $248,502,000. Avoro Capital Advisors LLC acquired a new stake in Intra-Cellular Therapies during the fourth quarter worth approximately $161,543,000. Norges Bank bought a new stake in Intra-Cellular Therapies in the fourth quarter worth approximately $85,744,000. Vanguard Group Inc. lifted its stake in Intra-Cellular Therapies by 13.3% in the first quarter. Vanguard Group Inc. now owns 7,788,469 shares of the biopharmaceutical company’s stock valued at $476,577,000 after buying an additional 912,268 shares during the period. Finally, Avidity Partners Management LP bought a new position in shares of Intra-Cellular Therapies during the 3rd quarter worth approximately $41,729,000. 92.33% of the stock is currently owned by institutional investors and hedge funds.

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.