Intra-Cellular Therapies (NASDAQ:ITCI)‘s stock had its “buy” rating reissued by equities researchers at Cantor Fitzgerald in a report released on Wednesday. They presently have a $32.00 target price on the biopharmaceutical company’s stock. Cantor Fitzgerald’s target price would indicate a potential upside of 63.10% from the company’s current price.
The analysts wrote, “We reiterate our Overweight rating and price target of $32. On Wednesday, BMO Intra-Cellular reported 3Q18 financial performance ending the period with cash of $376M. Our model projects sufficient funding through several clinical milestones including NDA acceptance/approval of lumateperone for schizophrenia and P3 data in bipolar depression (two trials, now expected in 1H19). The key questions on the earnings call, which we view as resulting in a market inefficiency, centered on the data analysis and release of the P3 401 & 404 studies of luma’ in BpD. First, we don’t expect the efficacy data for the two studies to be pooled; but analyzed separately at the same time.””
Several other brokerages have also commented on ITCI. BidaskClub upgraded Intra-Cellular Therapies from a “hold” rating to a “buy” rating in a research report on Friday, September 28th. Royal Bank of Canada reaffirmed a “buy” rating and set a $35.00 price target on shares of Intra-Cellular Therapies in a research note on Friday, August 3rd. ValuEngine raised Intra-Cellular Therapies from a “hold” rating to a “buy” rating in a research note on Friday, August 3rd. Canaccord Genuity set a $31.00 price target on Intra-Cellular Therapies and gave the stock a “buy” rating in a research note on Thursday, August 2nd. Finally, Zacks Investment Research raised Intra-Cellular Therapies from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Tuesday, October 16th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $28.00.
Intra-Cellular Therapies (NASDAQ:ITCI) last announced its earnings results on Wednesday, November 7th. The biopharmaceutical company reported ($0.76) EPS for the quarter, beating the consensus estimate of ($0.85) by $0.09. On average, analysts predict that Intra-Cellular Therapies will post -3.15 earnings per share for the current fiscal year.
A number of hedge funds have recently bought and sold shares of the stock. Public Employees Retirement Association of Colorado raised its stake in shares of Intra-Cellular Therapies by 127.8% in the third quarter. Public Employees Retirement Association of Colorado now owns 5,687 shares of the biopharmaceutical company’s stock worth $123,000 after purchasing an additional 3,190 shares during the last quarter. NumerixS Investment Technologies Inc purchased a new stake in shares of Intra-Cellular Therapies in the second quarter worth approximately $167,000. Cubist Systematic Strategies LLC raised its stake in shares of Intra-Cellular Therapies by 53.0% in the second quarter. Cubist Systematic Strategies LLC now owns 9,641 shares of the biopharmaceutical company’s stock worth $170,000 after purchasing an additional 3,339 shares during the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of Intra-Cellular Therapies by 19.9% in the second quarter. State Board of Administration of Florida Retirement System now owns 20,462 shares of the biopharmaceutical company’s stock worth $362,000 after purchasing an additional 3,400 shares during the last quarter. Finally, Tocqueville Asset Management L.P. raised its stake in shares of Intra-Cellular Therapies by 42.7% in the second quarter. Tocqueville Asset Management L.P. now owns 25,060 shares of the biopharmaceutical company’s stock worth $443,000 after purchasing an additional 7,500 shares during the last quarter. 70.87% of the stock is currently owned by institutional investors and hedge funds.
Intra-Cellular Therapies Company Profile
Intra-Cellular Therapies, Inc, a biopharmaceutical company, engages in developing novel drugs for the treatment of neuropsychiatric and neurodegenerative diseases. The company is developing its lead drug candidate, lumateperone, known as ITI-007, for the treatment of schizophrenia, bipolar disorder, behavioral disturbances in patients with dementia, and other neuropsychiatric and neurological disorders.
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