Intra-Cellular Therapies’ (ITCI) Buy Rating Reaffirmed at Cantor Fitzgerald
Cantor Fitzgerald reissued their buy rating on shares of Intra-Cellular Therapies (NASDAQ:ITCI) in a research note published on Wednesday morning. Cantor Fitzgerald currently has a $32.00 price objective on the biopharmaceutical company’s stock.
“We reiterate our Overweight rating and price target of $32. On Wednesday, BMO Intra-Cellular reported 3Q18 financial performance ending the period with cash of $376M. Our model projects sufficient funding through several clinical milestones including NDA acceptance/approval of lumateperone for schizophrenia and P3 data in bipolar depression (two trials, now expected in 1H19). The key questions on the earnings call, which we view as resulting in a market inefficiency, centered on the data analysis and release of the P3 401 & 404 studies of luma’ in BpD. First, we don’t expect the efficacy data for the two studies to be pooled; but analyzed separately at the same time.”,” the firm’s analyst wrote.
ITCI has been the topic of several other research reports. Zacks Investment Research raised Intra-Cellular Therapies from a hold rating to a buy rating and set a $20.00 target price on the stock in a research report on Tuesday, October 16th. BidaskClub lowered Intra-Cellular Therapies from a buy rating to a hold rating in a research report on Tuesday, October 9th. Canaccord Genuity set a $31.00 target price on Intra-Cellular Therapies and gave the stock a buy rating in a research report on Thursday, August 2nd. ValuEngine raised Intra-Cellular Therapies from a hold rating to a buy rating in a research report on Friday, August 3rd. Finally, Leerink Swann reissued an outperform rating on shares of Intra-Cellular Therapies in a research report on Friday, October 19th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Intra-Cellular Therapies has an average rating of Buy and a consensus target price of $28.00.
Intra-Cellular Therapies (NASDAQ:ITCI) last announced its quarterly earnings data on Wednesday, November 7th. The biopharmaceutical company reported ($0.76) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.85) by $0.09. Research analysts forecast that Intra-Cellular Therapies will post -3.15 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of ITCI. Schroder Investment Management Group acquired a new stake in shares of Intra-Cellular Therapies during the 2nd quarter worth about $21,222,000. Candriam Luxembourg S.C.A. increased its position in Intra-Cellular Therapies by 131.2% during the third quarter. Candriam Luxembourg S.C.A. now owns 548,000 shares of the biopharmaceutical company’s stock worth $11,892,000 after buying an additional 311,000 shares during the period. Dimensional Fund Advisors LP increased its position in Intra-Cellular Therapies by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,356,720 shares of the biopharmaceutical company’s stock worth $23,974,000 after buying an additional 159,860 shares during the period. BlackRock Inc. increased its position in Intra-Cellular Therapies by 3.5% during the third quarter. BlackRock Inc. now owns 3,928,310 shares of the biopharmaceutical company’s stock worth $85,243,000 after buying an additional 133,324 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. acquired a new position in Intra-Cellular Therapies during the second quarter worth approximately $1,756,000. 70.87% of the stock is currently owned by institutional investors and hedge funds.
About Intra-Cellular Therapies
Intra-Cellular Therapies, Inc, a biopharmaceutical company, engages in developing novel drugs for the treatment of neuropsychiatric and neurodegenerative diseases. The company is developing its lead drug candidate, lumateperone, known as ITI-007, for the treatment of schizophrenia, bipolar disorder, behavioral disturbances in patients with dementia, and other neuropsychiatric and neurological disorders.
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