Intra-Cellular Therapies (NASDAQ:ITCI) Reaches New 12-Month High – Here’s What Happened

Shares of Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $92.60 and last traded at $92.60, with a volume of 18512 shares changing hands. The stock had previously closed at $91.29.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ITCI shares. UBS Group lowered their target price on shares of Intra-Cellular Therapies from $83.00 to $79.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Cantor Fitzgerald reissued an “overweight” rating and issued a $130.00 target price on shares of Intra-Cellular Therapies in a research note on Monday, September 16th. Needham & Company LLC restated a “buy” rating and set a $100.00 target price on shares of Intra-Cellular Therapies in a report on Wednesday, October 30th. Royal Bank of Canada upped their price target on Intra-Cellular Therapies from $106.00 to $108.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Finally, Piper Sandler raised shares of Intra-Cellular Therapies from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $68.00 to $92.00 in a research note on Friday, September 6th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $97.23.

Intra-Cellular Therapies Trading Down 3.4 %

The stock’s 50 day moving average is $77.45 and its two-hundred day moving average is $74.02. The stock has a market capitalization of $9.38 billion, a price-to-earnings ratio of -101.71 and a beta of 0.97.

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

Insiders Place Their Bets

In other news, CEO Sharon Mates sold 34,396 shares of Intra-Cellular Therapies stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $72.84, for a total value of $2,505,404.64. Following the sale, the chief executive officer now directly owns 1,070,329 shares in the company, valued at $77,962,764.36. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Mark Neumann sold 18,714 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $75.08, for a total transaction of $1,405,047.12. Following the completion of the transaction, the executive vice president now directly owns 29,700 shares of the company’s stock, valued at approximately $2,229,876. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sharon Mates sold 34,396 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $72.84, for a total value of $2,505,404.64. Following the completion of the transaction, the chief executive officer now owns 1,070,329 shares of the company’s stock, valued at approximately $77,962,764.36. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 175,316 shares of company stock valued at $13,037,345 in the last quarter. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Intra-Cellular Therapies

Several hedge funds and other institutional investors have recently made changes to their positions in ITCI. Oak Ridge Investments LLC bought a new stake in Intra-Cellular Therapies during the second quarter worth $811,000. SG Americas Securities LLC increased its stake in shares of Intra-Cellular Therapies by 962.7% during the 2nd quarter. SG Americas Securities LLC now owns 48,778 shares of the biopharmaceutical company’s stock worth $3,341,000 after purchasing an additional 44,188 shares during the last quarter. Clearbridge Investments LLC increased its stake in shares of Intra-Cellular Therapies by 12.3% during the 1st quarter. Clearbridge Investments LLC now owns 1,744,551 shares of the biopharmaceutical company’s stock worth $120,723,000 after purchasing an additional 191,416 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of Intra-Cellular Therapies in the 1st quarter valued at about $18,379,000. Finally, Russell Investments Group Ltd. lifted its stake in Intra-Cellular Therapies by 232.0% in the 1st quarter. Russell Investments Group Ltd. now owns 50,845 shares of the biopharmaceutical company’s stock valued at $3,519,000 after purchasing an additional 35,528 shares during the last quarter. 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.