Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) Sees Significant Decline in Short Interest

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) was the target of a large decline in short interest in the month of June. As of June 15th, there was short interest totalling 3,730,000 shares, a decline of 6.8% from the May 31st total of 4,000,000 shares. Based on an average daily volume of 1,040,000 shares, the days-to-cover ratio is currently 3.6 days.

Insider Activity at Intra-Cellular Therapies

In other news, Director Rory B. Riggs sold 4,462 shares of the company’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $75.57, for a total transaction of $337,193.34. Following the completion of the sale, the director now directly owns 116,600 shares in the company, valued at approximately $8,811,462. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Rory B. Riggs sold 4,462 shares of the company’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $75.57, for a total transaction of $337,193.34. Following the completion of the sale, the director now directly owns 116,600 shares in the company, valued at approximately $8,811,462. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Nostrand Robert L. Van sold 20,000 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $75.91, for a total value of $1,518,200.00. Following the sale, the director now owns 9,690 shares of the company’s stock, valued at $735,567.90. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ITCI. Kapitalo Investimentos Ltda bought a new position in shares of Intra-Cellular Therapies in the fourth quarter valued at approximately $26,000. Headlands Technologies LLC bought a new position in shares of Intra-Cellular Therapies in the first quarter valued at approximately $32,000. Signaturefd LLC lifted its holdings in Intra-Cellular Therapies by 85.7% during the fourth quarter. Signaturefd LLC now owns 518 shares of the biopharmaceutical company’s stock worth $37,000 after acquiring an additional 239 shares during the period. Neo Ivy Capital Management bought a new stake in Intra-Cellular Therapies during the third quarter worth $45,000. Finally, Fidelis Capital Partners LLC bought a new stake in Intra-Cellular Therapies during the first quarter worth $53,000. Institutional investors own 92.33% of the company’s stock.

Analyst Ratings Changes

ITCI has been the subject of several recent analyst reports. The Goldman Sachs Group upped their price objective on Intra-Cellular Therapies from $67.00 to $77.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 17th. Mizuho upped their price objective on Intra-Cellular Therapies from $96.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. JPMorgan Chase & Co. upped their price objective on Intra-Cellular Therapies from $75.00 to $78.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 12th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $120.00 target price on shares of Intra-Cellular Therapies in a research report on Friday, June 14th. Finally, Bank of America increased their target price on Intra-Cellular Therapies from $82.00 to $91.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Intra-Cellular Therapies presently has an average rating of “Moderate Buy” and a consensus price target of $94.33.

Intra-Cellular Therapies Stock Performance

Intra-Cellular Therapies stock traded up $0.55 during mid-day trading on Tuesday, reaching $68.54. The stock had a trading volume of 1,396,929 shares, compared to its average volume of 1,045,797. Intra-Cellular Therapies has a fifty-two week low of $45.50 and a fifty-two week high of $84.89. The stock’s 50-day simple moving average is $69.15 and its 200-day simple moving average is $69.12. The firm has a market capitalization of $7.24 billion, a PE ratio of -59.09 and a beta of 1.01.

Intra-Cellular Therapies (NASDAQ:ITCI) last announced its quarterly earnings data on Tuesday, May 7th. The biopharmaceutical company reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.15. Intra-Cellular Therapies had a negative return on equity of 18.49% and a negative net margin of 21.57%. The firm had revenue of $144.90 million during the quarter, compared to analysts’ expectations of $141.41 million. During the same quarter last year, the firm posted ($0.46) earnings per share. The company’s revenue for the quarter was up 52.0% compared to the same quarter last year. On average, research analysts forecast that Intra-Cellular Therapies will post -0.51 earnings per share for the current fiscal year.

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.