Intra-Cellular Therapies (NASDAQ:ITCI) Sees Large Volume Increase – Time to Buy?

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) shares saw an uptick in trading volume on Tuesday . 3,574,748 shares traded hands during mid-day trading, a decline of 38% from the previous session’s volume of 5,797,532 shares.The stock last traded at $127.07 and had previously closed at $127.19.

Analysts Set New Price Targets

A number of brokerages have issued reports on ITCI. Morgan Stanley boosted 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. Cantor Fitzgerald restated an “overweight” rating and issued a $130.00 price objective on shares of Intra-Cellular Therapies in a research report on Monday, September 16th. Royal Bank of Canada boosted their price objective on Intra-Cellular Therapies from $106.00 to $108.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. JPMorgan Chase & Co. boosted their price objective on Intra-Cellular Therapies from $81.00 to $89.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Finally, Needham & Company LLC restated a “hold” rating and issued a $100.00 price objective on shares of Intra-Cellular Therapies in a research report on Monday. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $97.23.

Intra-Cellular Therapies Price Performance

The stock has a 50 day simple moving average of $86.39 and a two-hundred day simple moving average of $79.26. The company has a market cap of $13.47 billion, a price-to-earnings ratio of -146.07 and a beta of 0.70.

Intra-Cellular Therapies (NASDAQ:ITCI) last released its quarterly earnings data on Wednesday, October 30th. The biopharmaceutical company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.07). The company had revenue of $175.40 million for the quarter, compared to analyst estimates 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 business’s quarterly revenue was up 39.0% on a year-over-year basis. During the same period last year, the firm posted ($0.25) EPS. As a group, research analysts forecast that Intra-Cellular Therapies, Inc. will post -0.64 EPS for the current year.

Insider Buying and Selling

In other Intra-Cellular Therapies news, President Michael Halstead sold 22,869 shares of the company’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $89.12, for a total transaction of $2,038,085.28. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sharon Mates sold 51,000 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $91,834,228.20. This trade represents a 4.55 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ITCI. Perceptive Advisors LLC increased its holdings in shares of Intra-Cellular Therapies by 62.6% in the 2nd quarter. Perceptive Advisors LLC now owns 1,716,407 shares of the biopharmaceutical company’s stock valued at $117,557,000 after acquiring an additional 661,052 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Intra-Cellular Therapies by 214.5% in the 2nd quarter. Millennium Management LLC now owns 889,102 shares of the biopharmaceutical company’s stock valued at $60,895,000 after acquiring an additional 606,358 shares during the last quarter. Avoro Capital Advisors LLC increased its holdings in shares of Intra-Cellular Therapies by 21.2% in the 2nd quarter. Avoro Capital Advisors LLC now owns 3,000,000 shares of the biopharmaceutical company’s stock valued at $205,470,000 after acquiring an additional 525,000 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Intra-Cellular Therapies in the 2nd quarter valued at about $34,178,000. Finally, Hood River Capital Management LLC purchased a new position in shares of Intra-Cellular Therapies in the 2nd quarter valued at about $33,390,000. 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.