Piper Sandler Reiterates Neutral Rating for Intra-Cellular Therapies (NASDAQ:ITCI)

Intra-Cellular Therapies (NASDAQ:ITCI)‘s stock had its “neutral” rating reissued by stock analysts at Piper Sandler in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $132.00 price objective on the biopharmaceutical company’s stock, up from their previous price objective of $107.00. Piper Sandler’s price target suggests a potential upside of 3.93% from the stock’s previous close.

Several other research firms have also commented on ITCI. Morgan Stanley boosted their price objective on shares of Intra-Cellular Therapies from $92.00 to $95.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Royal Bank of Canada lifted their target price on shares of Intra-Cellular Therapies from $106.00 to $108.00 and gave the stock an “outperform” rating in a report on Friday, October 4th. Needham & Company LLC reaffirmed a “hold” rating and issued a $100.00 price objective on shares of Intra-Cellular Therapies in a research report on Monday. Cantor Fitzgerald reissued an “overweight” rating and issued a $130.00 target price on shares of Intra-Cellular Therapies in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. upped 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. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $100.31.

Intra-Cellular Therapies Stock Performance

Intra-Cellular Therapies stock traded down $0.18 during midday trading on Tuesday, reaching $127.01. 10,020,610 shares of the stock were exchanged, compared to its average volume of 6,502,880. The company’s fifty day moving average is $86.39 and its 200-day moving average is $79.26. The firm has a market cap of $13.47 billion, a PE ratio of -145.99 and a beta of 0.70. Intra-Cellular Therapies has a 52 week low of $62.78 and a 52 week high of $128.00.

Intra-Cellular Therapies (NASDAQ:ITCI) last issued its earnings results on Wednesday, October 30th. The biopharmaceutical company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.07). The firm had revenue of $175.40 million during the quarter, compared to the consensus estimate 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 firm’s revenue for the quarter was up 39.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.25) EPS. On average, sell-side analysts anticipate that Intra-Cellular Therapies will post -0.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Sharon Mates sold 51,000 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 1,070,329 shares in the company, valued at $91,834,228.20. This represents a 4.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Michael Halstead sold 22,869 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were 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. Insiders own 2.60% of the company’s stock.

Institutional Trading of Intra-Cellular Therapies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its holdings in shares of Intra-Cellular Therapies by 7.4% in the 2nd quarter. Victory Capital Management Inc. now owns 68,139 shares of the biopharmaceutical company’s stock valued at $4,667,000 after purchasing an additional 4,674 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of Intra-Cellular Therapies by 1.0% in the second quarter. DekaBank Deutsche Girozentrale now owns 52,499 shares of the biopharmaceutical company’s stock valued at $3,714,000 after buying an additional 502 shares in the last quarter. Oppenheimer Asset Management Inc. raised its position in Intra-Cellular Therapies by 21.9% in the second quarter. Oppenheimer Asset Management Inc. now owns 35,492 shares of the biopharmaceutical company’s stock worth $2,431,000 after acquiring an additional 6,382 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Intra-Cellular Therapies by 130.0% in the second quarter. Renaissance Technologies LLC now owns 222,400 shares of the biopharmaceutical company’s stock valued at $15,232,000 after acquiring an additional 125,700 shares during the period. Finally, Virtu Financial LLC acquired a new position in shares of Intra-Cellular Therapies during the 2nd quarter worth $1,420,000. Institutional investors and hedge funds 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.