Intra-Cellular Therapies (NASDAQ:ITCI) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Intra-Cellular Therapies (NASDAQ:ITCI) from a hold rating to a buy rating in a research report released on Wednesday, Zacks.com reports. The brokerage currently has $13.00 price objective on the biopharmaceutical company’s stock.

According to Zacks, “Intra-Cellular Therapies Inc. is a biopharmaceutical company. The company develops drugs for the treatment of neuropsychiatric and neurologic diseases and other disorders of the central nervous system. Its product candidates include ITI-007, ITI-002 and ITI-009 which is in clinical trials. Intra-Cellular Therapies Inc. is headquartered in New York. “

Several other equities analysts have also recently issued reports on ITCI. ValuEngine upgraded shares of XCel Brands from a sell rating to a hold rating in a research report on Tuesday, July 9th. Cantor Fitzgerald restated an overweight rating and issued a $29.00 price target (up from $26.00) on shares of Intra-Cellular Therapies in a research report on Thursday, May 23rd. Cowen restated a buy rating and issued a $28.00 price target on shares of Intra-Cellular Therapies in a research report on Monday, July 8th. Finally, BidaskClub cut shares of Vertex Pharmaceuticals from a buy rating to a hold rating in a research report on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $27.50.

Shares of NASDAQ:ITCI opened at $11.82 on Wednesday. The company has a quick ratio of 9.59, a current ratio of 9.59 and a debt-to-equity ratio of 0.07. The company has a 50 day moving average of $12.44. Intra-Cellular Therapies has a one year low of $10.09 and a one year high of $23.62.

Intra-Cellular Therapies (NASDAQ:ITCI) last issued its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported ($0.63) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.90) by $0.27. On average, research analysts forecast that Intra-Cellular Therapies will post -3.83 earnings per share for the current fiscal year.

In other Intra-Cellular Therapies news, Director Christopher D. Alafi purchased 100,000 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was purchased at an average cost of $12.56 per share, for a total transaction of $1,256,000.00. Following the transaction, the director now owns 750,106 shares in the company, valued at approximately $9,421,331.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Christopher D. Alafi acquired 170,000 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were purchased at an average price of $11.73 per share, with a total value of $1,994,100.00. Following the completion of the transaction, the director now owns 750,106 shares of the company’s stock, valued at $8,798,743.38. The disclosure for this purchase can be found here. Corporate insiders own 18.20% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. FMR LLC grew its holdings in Intra-Cellular Therapies by 0.7% in the first quarter. FMR LLC now owns 8,267,510 shares of the biopharmaceutical company’s stock worth $100,698,000 after purchasing an additional 58,561 shares during the period. Citigroup Inc. grew its holdings in Intra-Cellular Therapies by 19.7% in the fourth quarter. Citigroup Inc. now owns 22,585 shares of the biopharmaceutical company’s stock worth $257,000 after purchasing an additional 3,719 shares during the period. Norges Bank acquired a new stake in Intra-Cellular Therapies in the fourth quarter worth $3,759,000. Metropolitan Life Insurance Co. NY grew its holdings in Intra-Cellular Therapies by 354.8% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 14,016 shares of the biopharmaceutical company’s stock worth $160,000 after purchasing an additional 10,934 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Intra-Cellular Therapies by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 524,461 shares of the biopharmaceutical company’s stock worth $5,973,000 after purchasing an additional 25,588 shares during the period. Institutional investors own 69.12% of the company’s stock.

About Intra-Cellular Therapies

Intra-Cellular Therapies, Inc, a biopharmaceutical company, engages in developing novel drugs for the treatment of neuropsychiatric and neurodegenerative disorders. The company is developing its lead drug candidate, lumateperone for the treatment of schizophrenia, bipolar disorder, behavioral disturbances associated with dementia, autism, and other CNS diseases.

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