Intra-Cellular Therapies (NASDAQ:ITCI) Downgraded to Hold Rating by Canaccord Genuity Group

Intra-Cellular Therapies (NASDAQ:ITCI) was downgraded by stock analysts at Canaccord Genuity Group from a “buy” rating to a “hold” rating in a note issued to investors on Friday, Marketbeat.com reports. They presently have a $132.00 price target on the biopharmaceutical company’s stock, up from their prior price target of $119.00. Canaccord Genuity Group’s target price would suggest a potential upside of 3.94% from the stock’s previous close.

Several other brokerages have also recently commented on ITCI. Leerink Partnrs downgraded Intra-Cellular Therapies from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 13th. Morgan Stanley boosted their price target on shares of Intra-Cellular Therapies from $92.00 to $95.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Baird R W lowered shares of Intra-Cellular Therapies from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 13th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $132.00 target price (up from $108.00) on shares of Intra-Cellular Therapies in a report on Wednesday, January 22nd. Finally, Piper Sandler restated a “neutral” rating and set a $132.00 target price (up from $107.00) on shares of Intra-Cellular Therapies in a report on Tuesday, January 14th. Nine equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $103.62.

Intra-Cellular Therapies Stock Performance

Shares of ITCI opened at $127.00 on Friday. Intra-Cellular Therapies has a one year low of $62.78 and a one year high of $128.00. The stock’s fifty day moving average is $95.79 and its 200-day moving average is $83.81. The firm has a market capitalization of $13.46 billion, a price-to-earnings ratio of -145.98 and a beta of 0.70.

Intra-Cellular Therapies (NASDAQ:ITCI) last released 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 company had revenue of $175.40 million for the quarter, compared to the consensus estimate of $172.30 million. Intra-Cellular Therapies had a negative return on equity of 9.93% and a negative net margin of 14.07%. The firm’s quarterly revenue was up 39.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.25) earnings per share. Analysts forecast that Intra-Cellular Therapies will post -0.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other Intra-Cellular Therapies 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sharon Mates sold 51,000 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $85.80, for a total value of $4,375,800.00. Following the sale, the chief executive officer now owns 1,070,329 shares of the company’s stock, valued at approximately $91,834,228.20. This trade represents a 4.55 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Avior Wealth Management LLC increased its stake in shares of Intra-Cellular Therapies by 3.0% in the third quarter. Avior Wealth Management LLC now owns 4,473 shares of the biopharmaceutical company’s stock worth $327,000 after purchasing an additional 131 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in Intra-Cellular Therapies by 1.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 8,951 shares of the biopharmaceutical company’s stock valued at $748,000 after purchasing an additional 141 shares during the last quarter. Pallas Capital Advisors LLC boosted its holdings in Intra-Cellular Therapies by 6.4% in the 4th quarter. Pallas Capital Advisors LLC now owns 3,182 shares of the biopharmaceutical company’s stock valued at $266,000 after purchasing an additional 192 shares during the period. Assetmark Inc. grew its position in Intra-Cellular Therapies by 9.1% in the 3rd quarter. Assetmark Inc. now owns 2,477 shares of the biopharmaceutical company’s stock worth $181,000 after purchasing an additional 207 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D grew its position in Intra-Cellular Therapies by 0.6% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 35,673 shares of the biopharmaceutical company’s stock worth $2,610,000 after purchasing an additional 223 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.