Intra-Cellular Therapies (NASDAQ:ITCI) Cut to Hold at Canaccord Genuity Group

Canaccord Genuity Group lowered shares of Intra-Cellular Therapies (NASDAQ:ITCI) from a buy rating to a hold rating in a report released on Friday, Marketbeat Ratings reports. The brokerage currently has $132.00 price target on the biopharmaceutical company’s stock, up from their prior price target of $119.00.

ITCI has been the subject of several other reports. Cantor Fitzgerald raised shares of Intra-Cellular Therapies from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 14th. Needham & Company LLC reissued a “hold” rating and set a $100.00 target price on shares of Intra-Cellular Therapies in a report on Monday, January 13th. Morgan Stanley lifted their price target on shares of Intra-Cellular Therapies from $92.00 to $95.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Baird R W lowered shares of Intra-Cellular Therapies from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 13th. Finally, Piper Sandler restated a “neutral” rating and issued a $132.00 target price (up from $107.00) on shares of Intra-Cellular Therapies in a research note on Tuesday, January 14th. Nine investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Intra-Cellular Therapies presently has an average rating of “Moderate Buy” and a consensus target price of $103.62.

Intra-Cellular Therapies Price Performance

Shares of ITCI opened at $127.08 on Friday. Intra-Cellular Therapies has a one year low of $62.78 and a one year high of $128.00. The stock has a 50-day moving average price of $97.45 and a 200 day moving average price of $84.45.

Intra-Cellular Therapies (NASDAQ:ITCI) last released its earnings results on Wednesday, October 30th. The biopharmaceutical company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.07). The business had revenue of $175.40 million for the quarter, compared to analysts’ expectations of $172.30 million. Intra-Cellular Therapies had a negative net margin of 14.07% and a negative return on equity of 9.93%. The business’s quarterly revenue was up 39.0% compared to the same quarter last year. During the same quarter last year, the company posted ($0.25) earnings per share. On average, equities research analysts anticipate that Intra-Cellular Therapies will post -0.64 earnings per share for the current year.

Insider Activity at Intra-Cellular Therapies

In other news, CEO Sharon Mates sold 51,000 shares of Intra-Cellular Therapies stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $85.80, for a total value of $4,375,800.00. Following the transaction, the chief executive officer now owns 1,070,329 shares of the company’s stock, valued at $91,834,228.20. The trade was a 4.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, President Michael Halstead sold 22,869 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $89.12, for a total transaction of $2,038,085.28. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Avior Wealth Management LLC boosted its stake in shares of Intra-Cellular Therapies by 3.0% during the 3rd quarter. Avior Wealth Management LLC now owns 4,473 shares of the biopharmaceutical company’s stock worth $327,000 after acquiring an additional 131 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Intra-Cellular Therapies by 1.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,951 shares of the biopharmaceutical company’s stock valued at $748,000 after purchasing an additional 141 shares during the last quarter. CIBC Asset Management Inc boosted its position in shares of Intra-Cellular Therapies by 5.3% in the 4th quarter. CIBC Asset Management Inc now owns 2,956 shares of the biopharmaceutical company’s stock valued at $247,000 after purchasing an additional 150 shares during the period. Pallas Capital Advisors LLC increased its stake in Intra-Cellular Therapies by 6.4% in the 4th quarter. Pallas Capital Advisors LLC now owns 3,182 shares of the biopharmaceutical company’s stock worth $266,000 after purchasing an additional 192 shares in the last quarter. Finally, Assetmark Inc. raised its holdings in Intra-Cellular Therapies by 9.1% during the 3rd quarter. Assetmark Inc. now owns 2,477 shares of the biopharmaceutical company’s stock worth $181,000 after buying an additional 207 shares during the period. 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.