Intra-Cellular Therapies (ITCI) Earns Buy Rating from Analysts at Canaccord Genuity
Canaccord Genuity initiated coverage on shares of Intra-Cellular Therapies (NASDAQ:ITCI) in a report published on Friday, MarketBeat Ratings reports. The firm issued a buy rating and a $31.00 target price on the biopharmaceutical company’s stock.
Several other equities analysts have also weighed in on the stock. Zacks Investment Research upgraded shares of Intra-Cellular Therapies from a hold rating to a buy rating and set a $17.00 target price on the stock in a report on Wednesday, November 8th. BTIG Research reiterated a buy rating and issued a $36.00 target price on shares of Intra-Cellular Therapies in a report on Friday, September 8th. Piper Jaffray Companies upgraded shares of Intra-Cellular Therapies from a neutral rating to an overweight rating and boosted their target price for the company from $14.00 to $33.00 in a report on Thursday, September 7th. SunTrust Banks reiterated a hold rating and issued a $22.00 target price (up from $16.00) on shares of Intra-Cellular Therapies in a report on Friday, September 8th. Finally, Leerink Swann upgraded shares of Intra-Cellular Therapies from a market perform rating to an outperform rating in a report on Wednesday, August 23rd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $25.67.
Intra-Cellular Therapies (ITCI) opened at $15.24 on Friday. Intra-Cellular Therapies has a 52-week low of $7.85 and a 52-week high of $22.67.
Intra-Cellular Therapies (NASDAQ:ITCI) last posted its quarterly earnings results on Wednesday, November 8th. The biopharmaceutical company reported ($0.53) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.53). The firm had revenue of $0.03 million for the quarter, compared to analyst estimates of $0.06 million. Intra-Cellular Therapies had a negative net margin of 74,375.35% and a negative return on equity of 27.84%. Intra-Cellular Therapies’s quarterly revenue was up 675.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.70) earnings per share. analysts predict that Intra-Cellular Therapies will post -2.13 earnings per share for the current year.
In other news, CEO Sharon Mates sold 18,750 shares of the business’s stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $15.75, for a total value of $295,312.50. Following the sale, the chief executive officer now directly owns 1,107,457 shares of the company’s stock, valued at approximately $17,442,447.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard A. Lerner sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $15.09, for a total transaction of $105,630.00. Following the completion of the sale, the director now directly owns 8,621 shares in the company, valued at $130,090.89. The disclosure for this sale can be found here. Insiders sold a total of 26,400 shares of company stock worth $410,693 over the last three months. Insiders own 19.80% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in ITCI. Russell Investments Group Ltd. purchased a new stake in Intra-Cellular Therapies during the 3rd quarter worth approximately $101,000. SG Americas Securities LLC purchased a new stake in Intra-Cellular Therapies during the 2nd quarter worth approximately $103,000. Quantbot Technologies LP increased its stake in Intra-Cellular Therapies by 233.1% during the 3rd quarter. Quantbot Technologies LP now owns 8,614 shares of the biopharmaceutical company’s stock worth $135,000 after buying an additional 6,028 shares during the period. Bank of America Corp DE increased its stake in Intra-Cellular Therapies by 53.4% during the 1st quarter. Bank of America Corp DE now owns 9,660 shares of the biopharmaceutical company’s stock worth $157,000 after buying an additional 3,363 shares during the period. Finally, Fred Alger Management Inc. purchased a new stake in Intra-Cellular Therapies during the 2nd quarter worth approximately $161,000. 74.47% of the stock is currently owned by hedge funds and other institutional investors.
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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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