Intra-Cellular Therapies’ (ITCI) “Sector Perform” Rating Reaffirmed at Royal Bank of Canada

Intra-Cellular Therapies (NASDAQ:ITCI)‘s stock had its “sector perform” rating reiterated by investment analysts at Royal Bank of Canada in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $132.00 target price on the biopharmaceutical company’s stock, up from their prior target price of $108.00. Royal Bank of Canada’s price target would indicate a potential upside of 3.69% from the stock’s current price.

Other research analysts also recently issued reports about the company. Baird R W downgraded Intra-Cellular Therapies from a “strong-buy” rating to a “hold” rating in a report on Monday, January 13th. Needham & Company LLC restated a “hold” rating and set a $100.00 target price on shares of Intra-Cellular Therapies in a research note on Monday, January 13th. Cantor Fitzgerald raised Intra-Cellular Therapies from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 14th. Piper Sandler reissued a “neutral” rating and issued a $132.00 target price (up from $107.00) on shares of Intra-Cellular Therapies in a research report on Tuesday, January 14th. Finally, Morgan Stanley raised their target price on Intra-Cellular Therapies from $92.00 to $95.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Seven analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $102.15.

Intra-Cellular Therapies Trading Up 0.6 %

NASDAQ ITCI traded up $0.80 during trading on Wednesday, hitting $127.30. The company had a trading volume of 3,652,758 shares, compared to its average volume of 6,972,479. The company’s fifty day moving average is $89.99 and its 200-day moving average is $81.30. The company has a market cap of $13.50 billion, a price-to-earnings ratio of -146.34 and a beta of 0.70. Intra-Cellular Therapies has a one year low of $62.78 and a one year high of $128.00.

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 the consensus estimate of ($0.18) by ($0.07). Intra-Cellular Therapies had a negative net margin of 14.07% and a negative return on equity of 9.93%. The company had revenue of $175.40 million for the quarter, compared to analysts’ expectations of $172.30 million. During the same period in the previous year, the firm earned ($0.25) earnings per share. The firm’s revenue for the quarter was up 39.0% on a year-over-year basis. As a group, equities analysts anticipate that Intra-Cellular Therapies will post -0.64 EPS for the current year.

Insiders Place Their Bets

In related news, President Michael Halstead sold 22,869 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $89.12, for a total value of $2,038,085.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sharon Mates sold 51,000 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 1,070,329 shares in the company, valued at approximately $91,834,228.20. This 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 insiders.

Institutional Investors Weigh In On Intra-Cellular Therapies

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Perceptive Advisors LLC increased its position in Intra-Cellular Therapies by 62.6% during the second quarter. Perceptive Advisors LLC now owns 1,716,407 shares of the biopharmaceutical company’s stock worth $117,557,000 after acquiring an additional 661,052 shares during the period. Millennium Management LLC raised its position in 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 purchasing an additional 606,358 shares during the last quarter. Marshall Wace LLP acquired a new position in Intra-Cellular Therapies during the 2nd quarter worth about $34,178,000. Point72 Asset Management L.P. grew its stake in shares of Intra-Cellular Therapies by 218.9% during the second quarter. Point72 Asset Management L.P. now owns 554,186 shares of the biopharmaceutical company’s stock valued at $37,956,000 after purchasing an additional 380,420 shares during the last quarter. Finally, Eagle Asset Management Inc. boosted its position in Intra-Cellular Therapies by 130.5% in the 3rd quarter. Eagle Asset Management Inc. now owns 624,759 shares of the biopharmaceutical company’s stock valued at $45,714,000 after buying an additional 353,723 shares during the last quarter. 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.