Intra-Cellular Therapies (NASDAQ:ITCI) Downgraded by Leerink Partnrs to Hold

Intra-Cellular Therapies (NASDAQ:ITCI) was downgraded by Leerink Partnrs from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

Other research analysts have also issued research reports about the company. Morgan Stanley lifted their price target on Intra-Cellular Therapies from $92.00 to $95.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Cantor Fitzgerald raised shares of Intra-Cellular Therapies from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. Piper Sandler reissued a “neutral” rating and issued a $132.00 price target (up previously from $107.00) on shares of Intra-Cellular Therapies in a research note on Tuesday. Royal Bank of Canada lifted their price target on shares of Intra-Cellular Therapies from $106.00 to $108.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Finally, Needham & Company LLC reiterated a “hold” rating and issued a $100.00 price objective on shares of Intra-Cellular Therapies in a research report on Monday. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Intra-Cellular Therapies currently has an average rating of “Moderate Buy” and a consensus target price of $100.31.

Intra-Cellular Therapies Trading Down 0.2 %

Shares of NASDAQ ITCI opened at $126.89 on Monday. The company has a 50-day moving average of $87.14 and a 200 day moving average of $79.68. Intra-Cellular Therapies has a 12-month low of $62.78 and a 12-month high of $128.00. The stock has a market cap of $13.45 billion, a PE ratio of -145.85 and a beta of 0.70.

Intra-Cellular Therapies (NASDAQ:ITCI) last posted its quarterly earnings results on Wednesday, October 30th. The biopharmaceutical company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $175.40 million during the quarter, compared to analysts’ expectations of $172.30 million. During the same quarter last year, the company earned ($0.25) earnings per share. Intra-Cellular Therapies’s revenue for the quarter was up 39.0% on a year-over-year basis. On average, sell-side analysts forecast that Intra-Cellular Therapies will post -0.64 EPS for the current fiscal year.

Insider Activity

In related news, President Michael Halstead sold 22,869 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $89.12, for a total transaction of $2,038,085.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sharon Mates sold 51,000 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now owns 1,070,329 shares in the company, valued at $91,834,228.20. This trade represents a 4.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.60% 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 the business. Perceptive Advisors LLC raised its stake in shares of Intra-Cellular Therapies by 62.6% in the second quarter. Perceptive Advisors LLC now owns 1,716,407 shares of the biopharmaceutical company’s stock valued at $117,557,000 after acquiring an additional 661,052 shares in the last quarter. Millennium Management LLC increased its holdings in Intra-Cellular Therapies by 214.5% during the 2nd quarter. Millennium Management LLC now owns 889,102 shares of the biopharmaceutical company’s stock worth $60,895,000 after purchasing an additional 606,358 shares during the period. Avoro Capital Advisors LLC raised its position in Intra-Cellular Therapies by 21.2% in the 2nd quarter. Avoro Capital Advisors LLC now owns 3,000,000 shares of the biopharmaceutical company’s stock valued at $205,470,000 after purchasing an additional 525,000 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of Intra-Cellular Therapies in the 2nd quarter valued at about $34,178,000. Finally, Hood River Capital Management LLC acquired a new position in shares of Intra-Cellular Therapies during the second quarter worth about $33,390,000. Hedge funds and other institutional investors own 92.33% of the company’s stock.

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.