Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) Short Interest Down 6.6% in October

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) was the target of a significant decline in short interest in October. As of October 15th, there was short interest totalling 2,420,000 shares, a decline of 6.6% from the September 30th total of 2,590,000 shares. Based on an average daily trading volume, of 539,200 shares, the days-to-cover ratio is presently 4.5 days.

Insider Activity

In other Intra-Cellular Therapies news, EVP Mark Neumann sold 18,714 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $75.08, for a total transaction of $1,405,047.12. Following the completion of the sale, the executive vice president now directly owns 29,700 shares in the company, valued at approximately $2,229,876. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Intra-Cellular Therapies news, EVP Mark Neumann sold 18,714 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $75.08, for a total value of $1,405,047.12. Following the completion of the sale, the executive vice president now owns 29,700 shares in the company, valued at $2,229,876. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sharon Mates sold 53,013 shares of Intra-Cellular Therapies stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $75.65, for a total transaction of $4,010,433.45. Following the sale, the chief executive officer now directly owns 1,070,329 shares of the company’s stock, valued at $80,970,388.85. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 175,316 shares of company stock worth $13,037,345. 3.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Intra-Cellular Therapies

Several hedge funds have recently modified their holdings of ITCI. Headlands Technologies LLC bought a new stake in shares of Intra-Cellular Therapies in the first quarter valued at approximately $32,000. Fidelis Capital Partners LLC bought a new stake in shares of Intra-Cellular Therapies in the first quarter valued at approximately $53,000. Summit Securities Group LLC bought a new position in Intra-Cellular Therapies in the second quarter worth $56,000. CWM LLC lifted its position in Intra-Cellular Therapies by 83.9% in the second quarter. CWM LLC now owns 1,372 shares of the biopharmaceutical company’s stock worth $94,000 after purchasing an additional 626 shares during the period. Finally, EntryPoint Capital LLC lifted its position in Intra-Cellular Therapies by 138.7% in the first quarter. EntryPoint Capital LLC now owns 2,167 shares of the biopharmaceutical company’s stock worth $150,000 after purchasing an additional 1,259 shares during the period. 92.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $130.00 price target on shares of Intra-Cellular Therapies in a report on Monday, September 16th. The Goldman Sachs Group reduced their target price on shares of Intra-Cellular Therapies from $77.00 to $74.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Piper Sandler upgraded shares of Intra-Cellular Therapies from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $68.00 to $92.00 in a research note on Friday, September 6th. Needham & Company LLC restated a “buy” rating and set a $100.00 price target on shares of Intra-Cellular Therapies in a report on Wednesday. Finally, UBS Group decreased their price objective on shares of Intra-Cellular Therapies from $83.00 to $79.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $96.62.

Intra-Cellular Therapies Stock Up 11.4 %

Shares of ITCI stock opened at $85.47 on Thursday. Intra-Cellular Therapies has a 12 month low of $46.10 and a 12 month high of $88.00. The business’s 50 day moving average is $74.73 and its two-hundred day moving average is $73.04. The company has a market cap of $9.02 billion, a PE ratio of -73.68 and a beta of 1.00.

Intra-Cellular Therapies (NASDAQ:ITCI) last posted its quarterly earnings data on Wednesday, October 30th. The biopharmaceutical company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.07). Intra-Cellular Therapies had a negative net margin of 14.93% and a negative return on equity of 11.48%. The business had revenue of $175.40 million during the quarter, compared to the consensus estimate of $172.30 million. During the same period in the prior year, the company posted ($0.25) earnings per share. The firm’s revenue was up 39.0% compared to the same quarter last year. As a group, equities analysts expect that Intra-Cellular Therapies will post -0.6 EPS for the current fiscal year.

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.