Intra-Cellular Therapies (NASDAQ:ITCI) Given a $26.00 Price Target at Royal Bank of Canada

Royal Bank of Canada set a $26.00 price objective on Intra-Cellular Therapies (NASDAQ:ITCI) in a report issued on Wednesday, TipRanks reports. The firm currently has a buy rating on the biopharmaceutical company’s stock.

A number of other brokerages have also recently issued reports on ITCI. ValuEngine upgraded shares of Intra-Cellular Therapies from a sell rating to a hold rating in a report on Thursday, August 1st. BidaskClub cut shares of Intra-Cellular Therapies from a sell rating to a strong sell rating in a report on Tuesday, July 9th. Cantor Fitzgerald reiterated an overweight rating and issued a $29.00 price objective (up from $26.00) on shares of Intra-Cellular Therapies in a report on Thursday, May 23rd. JMP Securities decreased their price objective on shares of Intra-Cellular Therapies from $24.00 to $21.00 and set a market outperform rating for the company in a report on Thursday. Finally, Zacks Investment Research cut shares of Intra-Cellular Therapies from a buy rating to a hold rating in a report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $25.00.

Shares of Intra-Cellular Therapies stock traded down $0.13 on Wednesday, hitting $9.23. 729,554 shares of the company traded hands, compared to its average volume of 1,667,368. The stock’s 50-day moving average is $11.05. The company has a debt-to-equity ratio of 0.08, a quick ratio of 9.59 and a current ratio of 8.86. Intra-Cellular Therapies has a 12-month low of $7.41 and a 12-month high of $23.62. The company has a market cap of $516.42 million, a P/E ratio of -3.25 and a beta of 1.18.

Intra-Cellular Therapies (NASDAQ:ITCI) last posted its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($0.68) EPS for the quarter, beating the consensus estimate of ($0.83) by $0.15. Equities analysts expect that Intra-Cellular Therapies will post -3.81 EPS for the current fiscal year.

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

Hedge funds have recently added to or reduced their stakes in the business. FMR LLC boosted its holdings in Intra-Cellular Therapies by 0.7% during the first quarter. FMR LLC now owns 8,267,510 shares of the biopharmaceutical company’s stock valued at $100,698,000 after acquiring an additional 58,561 shares during the period. Norges Bank acquired a new position in shares of Intra-Cellular Therapies during the fourth quarter valued at about $3,759,000. Metropolitan Life Insurance Co. NY raised its position in shares of Intra-Cellular Therapies by 354.8% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 14,016 shares of the biopharmaceutical company’s stock valued at $160,000 after buying an additional 10,934 shares during the last quarter. First Midwest Bank Trust Division raised its position in shares of Intra-Cellular Therapies by 69.8% during the second quarter. First Midwest Bank Trust Division now owns 600,236 shares of the biopharmaceutical company’s stock valued at $7,791,000 after buying an additional 246,644 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Intra-Cellular Therapies by 5.1% during the fourth quarter. Geode Capital Management LLC now owns 524,461 shares of the biopharmaceutical company’s stock valued at $5,973,000 after buying an additional 25,588 shares during the last quarter. Institutional investors own 69.63% 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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