Intra-Cellular Therapies (NASDAQ:ITCI) Given “Sector Perform” Rating at Royal Bank of Canada

Royal Bank of Canada reissued their sector perform rating on shares of Intra-Cellular Therapies (NASDAQ:ITCI) in a report released on Wednesday,Benzinga reports. Royal Bank of Canada currently has a $132.00 target price on the biopharmaceutical company’s stock, up from their prior target price of $108.00.

Several other equities research analysts also recently weighed in on ITCI. Morgan Stanley upped their price objective on shares of Intra-Cellular Therapies from $92.00 to $95.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. JPMorgan Chase & Co. increased their price objective on shares of Intra-Cellular Therapies from $81.00 to $89.00 and gave the company an “overweight” rating in a report on Monday, November 4th. Piper Sandler reissued a “neutral” rating and set a $132.00 target price (up previously from $107.00) on shares of Intra-Cellular Therapies in a report on Tuesday, January 14th. Leerink Partnrs lowered Intra-Cellular Therapies from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 13th. Finally, Needham & Company LLC reissued a “hold” rating and issued a $100.00 price objective on shares of Intra-Cellular Therapies in a research note on Monday, January 13th. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $102.15.

Intra-Cellular Therapies Trading Up 0.5 %

Shares of NASDAQ:ITCI opened at $127.15 on Wednesday. The firm’s 50 day moving average is $90.75 and its two-hundred day moving average is $81.70. The firm has a market capitalization of $13.48 billion, a P/E ratio of -146.15 and a beta of 0.70. Intra-Cellular Therapies has a 52 week low of $62.78 and a 52 week high of $128.00.

Intra-Cellular Therapies (NASDAQ:ITCI) last posted its earnings results on Wednesday, October 30th. The biopharmaceutical company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.07). Intra-Cellular Therapies had a negative net margin of 14.07% and a negative return on equity of 9.93%. The business had revenue of $175.40 million during the quarter, compared to analyst estimates of $172.30 million. During the same quarter in the prior year, the business earned ($0.25) earnings per share. The firm’s revenue was up 39.0% compared to the same quarter last year. Analysts predict that Intra-Cellular Therapies will post -0.64 EPS for the current year.

Insider Activity

In related news, CEO Sharon Mates sold 51,000 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $85.80, for a total transaction of $4,375,800.00. Following the transaction, the chief executive officer now directly owns 1,070,329 shares of the company’s stock, valued at approximately $91,834,228.20. The trade was a 4.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Michael Halstead sold 22,869 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $89.12, for a total value of $2,038,085.28. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Perceptive Advisors LLC boosted its stake in shares of Intra-Cellular Therapies by 62.6% during the 2nd quarter. Perceptive Advisors LLC now owns 1,716,407 shares of the biopharmaceutical company’s stock valued at $117,557,000 after buying an additional 661,052 shares during the period. Millennium Management LLC boosted its position in Intra-Cellular Therapies by 214.5% during the second quarter. Millennium Management LLC now owns 889,102 shares of the biopharmaceutical company’s stock valued at $60,895,000 after purchasing an additional 606,358 shares during the last quarter. Marshall Wace LLP acquired a new stake in Intra-Cellular Therapies during the second quarter valued at $34,178,000. Point72 Asset Management L.P. grew its stake in Intra-Cellular Therapies by 218.9% in the second quarter. Point72 Asset Management L.P. now owns 554,186 shares of the biopharmaceutical company’s stock valued at $37,956,000 after purchasing an additional 380,420 shares in the last quarter. Finally, Eagle Asset Management Inc. increased its position in Intra-Cellular Therapies by 130.5% in the 3rd quarter. Eagle Asset Management Inc. now owns 624,759 shares of the biopharmaceutical company’s stock worth $45,714,000 after purchasing an additional 353,723 shares during the last quarter. 92.33% of the stock is 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.