Intra-Cellular Therapies (NASDAQ:ITCI) Stock Price Down 2.7%

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI)’s stock price dropped 2.7% during mid-day trading on Wednesday . The company traded as low as $76.50 and last traded at $77.66. Approximately 193,291 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 833,862 shares. The stock had previously closed at $79.84.

Analyst Upgrades and Downgrades

ITCI has been the subject of a number of recent research reports. Robert W. Baird initiated coverage on Intra-Cellular Therapies in a research report on Wednesday, January 3rd. They issued an “outperform” rating and a $83.00 target price for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $101.00 price target on shares of Intra-Cellular Therapies in a research report on Friday, February 23rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price target on shares of Intra-Cellular Therapies in a research report on Wednesday, April 3rd. Canaccord Genuity Group reduced their price target on Intra-Cellular Therapies from $101.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, February 23rd. Finally, The Goldman Sachs Group lifted their price target on Intra-Cellular Therapies from $58.00 to $64.00 and gave the company a “neutral” rating in a research report on Thursday, January 18th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $81.42.

Intra-Cellular Therapies Price Performance

The company has a 50 day simple moving average of $68.95 and a 200-day simple moving average of $63.53. The stock has a market cap of $7.96 billion, a P/E ratio of -56.30 and a beta of 1.02.

Intra-Cellular Therapies (NASDAQ:ITCI) last released its earnings results on Thursday, February 22nd. The biopharmaceutical company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.14. Intra-Cellular Therapies had a negative return on equity of 23.02% and a negative net margin of 30.08%. The company had revenue of $132.10 million during the quarter, compared to analyst estimates of $135.97 million. During the same quarter in the previous year, the company posted ($0.45) EPS. Intra-Cellular Therapies’s revenue for the quarter was up 50.3% on a year-over-year basis. As a group, research analysts expect that Intra-Cellular Therapies, Inc. will post -0.64 earnings per share for the current year.

Insider Activity at Intra-Cellular Therapies

In related news, CEO Sharon Mates sold 67,917 shares of the business’s stock in a transaction dated Thursday, January 18th. The stock was sold at an average price of $65.19, for a total transaction of $4,427,509.23. Following the transaction, the chief executive officer now owns 1,050,309 shares in the company, valued at approximately $68,469,643.71. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Sharon Mates sold 67,917 shares of the company’s stock in a transaction that occurred on Thursday, January 18th. The stock was sold at an average price of $65.19, for a total value of $4,427,509.23. Following the sale, the chief executive officer now owns 1,050,309 shares in the company, valued at approximately $68,469,643.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Lawrence J. Hineline sold 10,121 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $65.96, for a total value of $667,581.16. The disclosure for this sale can be found here. Insiders have sold a total of 236,404 shares of company stock worth $15,792,460 in the last 90 days. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Intra-Cellular Therapies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ITCI. Vanguard Group Inc. lifted its holdings in shares of Intra-Cellular Therapies by 6.5% during the 4th quarter. Vanguard Group Inc. now owns 9,094,302 shares of the biopharmaceutical company’s stock valued at $651,334,000 after buying an additional 554,577 shares during the period. BlackRock Inc. lifted its holdings in shares of Intra-Cellular Therapies by 13.1% during the 1st quarter. BlackRock Inc. now owns 6,470,417 shares of the biopharmaceutical company’s stock valued at $395,924,000 after buying an additional 748,651 shares during the period. Wellington Management Group LLP bought a new position in shares of Intra-Cellular Therapies during the 1st quarter valued at $248,502,000. Avoro Capital Advisors LLC bought a new position in shares of Intra-Cellular Therapies during the 4th quarter valued at $161,543,000. Finally, State Street Corp lifted its holdings in shares of Intra-Cellular Therapies by 3.9% during the 2nd quarter. State Street Corp now owns 2,105,705 shares of the biopharmaceutical company’s stock valued at $133,333,000 after buying an additional 79,477 shares during the period. 92.33% of the stock is owned by institutional investors.

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.