Intra-Cellular Therapies’ (ITCI) Buy Rating Reaffirmed at Needham & Company LLC

Intra-Cellular Therapies (NASDAQ:ITCI)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $90.00 price objective on the biopharmaceutical company’s stock. Needham & Company LLC’s target price indicates a potential upside of 26.74% from the company’s current price.

Several other brokerages have also commented on ITCI. TD Cowen increased their price objective on Intra-Cellular Therapies from $80.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. The Goldman Sachs Group upped their price objective on shares of Intra-Cellular Therapies from $67.00 to $77.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. Canaccord Genuity Group boosted their target price on shares of Intra-Cellular Therapies from $100.00 to $107.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Royal Bank of Canada reiterated an “outperform” rating and set a $86.00 price objective on shares of Intra-Cellular Therapies in a research note on Wednesday, April 3rd. Finally, Robert W. Baird upped their target price on Intra-Cellular Therapies from $83.00 to $103.00 and gave the company an “outperform” rating in a research report on Wednesday, April 17th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Intra-Cellular Therapies presently has a consensus rating of “Moderate Buy” and an average target price of $90.17.

Intra-Cellular Therapies Stock Performance

Shares of ITCI opened at $71.01 on Tuesday. The company has a 50 day moving average price of $69.15 and a 200-day moving average price of $65.71. The stock has a market capitalization of $6.87 billion, a PE ratio of -48.64 and a beta of 1.01. Intra-Cellular Therapies has a fifty-two week low of $45.50 and a fifty-two week high of $84.89.

Intra-Cellular Therapies (NASDAQ:ITCI) last posted its earnings results on Thursday, February 22nd. The biopharmaceutical company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $135.97 million. During the same quarter in the previous year, the firm earned ($0.45) earnings per share. The firm’s quarterly revenue was up 50.3% compared to the same quarter last year. Equities research analysts forecast that Intra-Cellular Therapies will post -0.59 EPS for the current year.

Insider Buying and Selling at Intra-Cellular Therapies

In other news, EVP Michael Halstead sold 7,907 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $69.53, for a total transaction of $549,773.71. Following the sale, the executive vice president now directly owns 29,700 shares of the company’s stock, valued at approximately $2,065,041. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Intra-Cellular Therapies news, EVP Michael Halstead sold 7,907 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $69.53, for a total transaction of $549,773.71. Following the completion of the transaction, the executive vice president now directly owns 29,700 shares in the company, valued at $2,065,041. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sharon Mates sold 40,712 shares of Intra-Cellular Therapies stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $66.50, for a total transaction of $2,707,348.00. Following the completion of the sale, the chief executive officer now owns 1,050,309 shares in the company, valued at approximately $69,845,548.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 168,487 shares of company stock worth $11,364,950. Insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Intra-Cellular Therapies

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Intra-Cellular Therapies by 6.5% in the fourth quarter. Vanguard Group Inc. now owns 9,094,302 shares of the biopharmaceutical company’s stock valued at $651,334,000 after acquiring an additional 554,577 shares in the last quarter. Wasatch Advisors LP raised its stake in Intra-Cellular Therapies by 6.3% in the 1st quarter. Wasatch Advisors LP now owns 3,854,747 shares of the biopharmaceutical company’s stock valued at $266,748,000 after purchasing an additional 227,439 shares during the last quarter. Avoro Capital Advisors LLC purchased a new position in Intra-Cellular Therapies in the 4th quarter valued at $161,543,000. JPMorgan Chase & Co. boosted its stake in Intra-Cellular Therapies by 4.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,063,802 shares of the biopharmaceutical company’s stock worth $107,503,000 after purchasing an additional 86,388 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Intra-Cellular Therapies by 6.7% during the third quarter. Wellington Management Group LLP now owns 1,815,954 shares of the biopharmaceutical company’s stock worth $94,593,000 after buying an additional 114,370 shares in the last quarter. 92.33% of the stock is currently owned by hedge funds and other 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.