Intra-Cellular Therapies (NASDAQ:ITCI) Upgraded to Overweight at Piper Sandler

Piper Sandler upgraded shares of Intra-Cellular Therapies (NASDAQ:ITCI) from a neutral rating to an overweight rating in a report released on Friday morning, Marketbeat.com reports. The brokerage currently has $92.00 price target on the biopharmaceutical company’s stock, up from their previous price target of $68.00.

Several other equities research analysts have also commented on ITCI. Needham & Company LLC restated a buy rating and set a $100.00 price target on shares of Intra-Cellular Therapies in a research note on Wednesday, August 7th. Canaccord Genuity Group increased their target price on shares of Intra-Cellular Therapies from $107.00 to $113.00 and gave the stock a buy rating in a research report on Thursday, June 20th. The Goldman Sachs Group cut their price target on shares of Intra-Cellular Therapies from $77.00 to $74.00 and set a neutral rating on the stock in a report on Thursday, August 8th. Mizuho boosted their price objective on shares of Intra-Cellular Therapies from $96.00 to $100.00 and gave the stock a buy rating in a research note on Friday, June 21st. Finally, Royal Bank of Canada dropped their price objective on shares of Intra-Cellular Therapies from $107.00 to $106.00 and set an outperform rating for the company in a research report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Intra-Cellular Therapies presently has a consensus rating of Moderate Buy and an average target price of $96.58.

Intra-Cellular Therapies Stock Performance

ITCI opened at $74.41 on Friday. Intra-Cellular Therapies has a 1 year low of $45.50 and a 1 year high of $84.89. The company’s 50 day simple moving average is $75.08 and its 200 day simple moving average is $71.13. The stock has a market capitalization of $7.86 billion, a PE ratio of -64.15 and a beta of 1.00.

Intra-Cellular Therapies (NASDAQ:ITCI) last announced its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.03. The company had revenue of $161.40 million for the quarter, compared to analyst estimates of $157.74 million. Intra-Cellular Therapies had a negative net margin of 14.93% and a negative return on equity of 11.48%. Intra-Cellular Therapies’s revenue for the quarter was up 45.7% on a year-over-year basis. During the same quarter last year, the business earned ($0.45) EPS. As a group, sell-side analysts expect that Intra-Cellular Therapies will post -0.59 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Intra-Cellular Therapies news, CEO Sharon Mates sold 53,013 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $75.65, for a total value of $4,010,433.45. Following the completion of the transaction, the chief executive officer now directly owns 1,070,329 shares of the company’s stock, valued at approximately $80,970,388.85. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Intra-Cellular Therapies news, CEO Sharon Mates sold 53,013 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $75.65, for a total transaction of $4,010,433.45. Following the completion of the sale, the chief executive officer now owns 1,070,329 shares in the company, valued at approximately $80,970,388.85. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Nostrand Robert L. Van sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $75.91, for a total value of $1,518,200.00. Following the completion of the transaction, the director now directly owns 9,690 shares in the company, valued at $735,567.90. The disclosure for this sale can be found here. Insiders have sold 199,778 shares of company stock valued at $14,892,738 in the last quarter. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ITCI. Russell Investments Group Ltd. raised its stake in shares of Intra-Cellular Therapies by 97.8% in the 4th quarter. Russell Investments Group Ltd. now owns 15,317 shares of the biopharmaceutical company’s stock valued at $1,097,000 after purchasing an additional 7,572 shares in the last quarter. Natixis Advisors L.P. raised its stake in Intra-Cellular Therapies by 8.2% during the fourth quarter. Natixis Advisors L.P. now owns 33,888 shares of the biopharmaceutical company’s stock valued at $2,427,000 after buying an additional 2,554 shares in the last quarter. M&T Bank Corp raised its stake in Intra-Cellular Therapies by 19.3% during the fourth quarter. M&T Bank Corp now owns 4,780 shares of the biopharmaceutical company’s stock valued at $342,000 after buying an additional 774 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Intra-Cellular Therapies by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 993,813 shares of the biopharmaceutical company’s stock worth $71,177,000 after buying an additional 18,899 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Intra-Cellular Therapies by 10.7% in the 4th quarter. Principal Financial Group Inc. now owns 460,566 shares of the biopharmaceutical company’s stock worth $32,986,000 after acquiring an additional 44,564 shares in the last quarter. 92.33% of the stock is currently owned by institutional investors.

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.