Zacks Investment Research Upgrades Intra-Cellular Therapies Inc. (ITCI) to “Buy”
Intra-Cellular Therapies Inc. (NASDAQ:ITCI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $15.00 price target on the biopharmaceutical company’s stock. Zacks Investment Research’s target price would indicate a potential upside of 7.60% from the company’s current price.
According to Zacks, “Intra-Cellular Therapies Inc. is a biopharmaceutical company. The company develops drugs for the treatment of neuropsychiatric and neurologic diseases and other disorders of the central nervous system. Its product candidates include ITI-007, ITI-002 and ITI-009 which is in clinical trials. Intra-Cellular Therapies Inc. is headquartered in New York. “
Several other equities analysts also recently commented on the stock. Piper Jaffray Cos. restated an “overweight” rating and issued a $57.00 price target on shares of Intra-Cellular Therapies in a research note on Tuesday, September 13th. Royal Bank Of Canada decreased their price target on shares of Intra-Cellular Therapies from $74.00 to $49.00 and set an “outperform” rating on the stock in a research note on Thursday, September 29th. Cowen and Company restated a “buy” rating and issued a $75.00 price target on shares of Intra-Cellular Therapies in a research note on Friday, August 5th. JMP Securities downgraded shares of Intra-Cellular Therapies from an “outperform” rating to a “market perform” rating in a research note on Thursday, September 29th. Finally, Leerink Swann restated an “outperform” rating and issued a $29.00 price target (down from $95.00) on shares of Intra-Cellular Therapies in a research note on Friday, September 30th. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $38.63.
Shares of Intra-Cellular Therapies (NASDAQ:ITCI) opened at 13.94 on Tuesday. The firm has a 50-day moving average of $13.18 and a 200 day moving average of $31.90. The firm’s market cap is $603.16 million. Intra-Cellular Therapies has a 52-week low of $10.80 and a 52-week high of $59.76.
Intra-Cellular Therapies (NASDAQ:ITCI) last released its quarterly earnings results on Wednesday, November 9th. The biopharmaceutical company reported ($0.70) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.84) by $0.14. The business earned $4.36 million during the quarter, compared to analyst estimates of $0.04 million. During the same quarter last year, the company posted ($0.91) earnings per share. The company’s revenue was up NaN% on a year-over-year basis. On average, equities analysts predict that Intra-Cellular Therapies will post ($2.84) earnings per share for the current year.
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In related news, Director Christopher D. Alafi bought 34,000 shares of the company’s stock in a transaction dated Monday, November 14th. The stock was purchased at an average price of $14.50 per share, with a total value of $493,000.00. Following the completion of the acquisition, the director now owns 730,529 shares of the company’s stock, valued at $10,592,670.50. The purchase was disclosed in a document filed with the SEC, which is available through this link. 19.80% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of ITCI. Columbus Circle Investors boosted its position in Intra-Cellular Therapies by 39.9% in the second quarter. Columbus Circle Investors now owns 552,104 shares of the biopharmaceutical company’s stock worth $21,433,000 after buying an additional 157,498 shares during the period. Royce & Associates LP bought a new position in Intra-Cellular Therapies during the second quarter worth approximately $299,000. TimesSquare Capital Management LLC boosted its position in Intra-Cellular Therapies by 6.3% in the second quarter. TimesSquare Capital Management LLC now owns 1,619,875 shares of the biopharmaceutical company’s stock worth $62,884,000 after buying an additional 95,500 shares during the period. Bank of New York Mellon Corp boosted its position in Intra-Cellular Therapies by 19.1% in the second quarter. Bank of New York Mellon Corp now owns 177,317 shares of the biopharmaceutical company’s stock worth $6,884,000 after buying an additional 28,467 shares during the period. Finally, Emerald Acquisition Ltd. bought a new position in Intra-Cellular Therapies during the second quarter worth approximately $1,285,000. 63.87% of the stock is owned by hedge funds and other institutional investors.
About Intra-Cellular Therapies
Intra-Cellular Therapies, Inc (ITI) is a biopharmaceutical company. The Company is focused on the discovery and clinical development of small molecule drugs that address underserved medical needs in neuropsychiatric and neurological disorders by targeting intracellular signaling mechanisms within the central nervous system (CNS).
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