Intra-Cellular Therapies’ (ITCI) “Hold” Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of Intra-Cellular Therapies (NASDAQ:ITCI) in a research note published on Monday, Marketbeat reports. Needham & Company LLC currently has a $100.00 price objective on the biopharmaceutical company’s stock.

Several other analysts have also weighed in on ITCI. Cantor Fitzgerald reissued an “overweight” rating and set a $130.00 price objective on shares of Intra-Cellular Therapies in a report on Monday, September 16th. Morgan Stanley lifted 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 note on Friday, October 11th. Royal Bank of Canada increased their price objective on shares of Intra-Cellular Therapies from $106.00 to $108.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Intra-Cellular Therapies from $81.00 to $89.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Six research 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $100.31.

Intra-Cellular Therapies Price Performance

Shares of Intra-Cellular Therapies stock opened at $126.71 on Monday. The firm has a fifty day moving average price of $87.89 and a two-hundred day moving average price of $80.00. Intra-Cellular Therapies has a fifty-two week low of $62.78 and a fifty-two week high of $128.00.

Intra-Cellular Therapies (NASDAQ:ITCI) last released its earnings results on Wednesday, October 30th. The biopharmaceutical company reported ($0.25) earnings per share for the quarter, missing the consensus estimate 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 the consensus estimate of $172.30 million. During the same quarter in the previous year, the business posted ($0.25) EPS. The firm’s quarterly revenue was up 39.0% on a year-over-year basis. As a group, analysts expect that Intra-Cellular Therapies will post -0.64 EPS for the current fiscal year.

Insider Activity

In other news, President Michael Halstead sold 22,869 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $89.12, for a total value of $2,038,085.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sharon Mates sold 51,000 shares of Intra-Cellular Therapies stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $85.80, for a total value of $4,375,800.00. Following the completion of the transaction, the chief executive officer now directly owns 1,070,329 shares of the company’s stock, valued at $91,834,228.20. This represents a 4.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Intra-Cellular Therapies

Hedge funds have recently modified their holdings of the stock. Perceptive Advisors LLC raised its position in Intra-Cellular Therapies by 62.6% in the 2nd quarter. Perceptive Advisors LLC now owns 1,716,407 shares of the biopharmaceutical company’s stock worth $117,557,000 after purchasing an additional 661,052 shares during the last quarter. Millennium Management LLC increased its stake in shares of Intra-Cellular Therapies by 214.5% in the 2nd quarter. Millennium Management LLC now owns 889,102 shares of the biopharmaceutical company’s stock valued at $60,895,000 after buying an additional 606,358 shares during the period. Avoro Capital Advisors LLC raised its position in shares of Intra-Cellular Therapies by 21.2% during the second quarter. Avoro Capital Advisors LLC now owns 3,000,000 shares of the biopharmaceutical company’s stock worth $205,470,000 after acquiring an additional 525,000 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Intra-Cellular Therapies during the second quarter valued at $34,178,000. Finally, Hood River Capital Management LLC bought a new position in Intra-Cellular Therapies in the second quarter valued at about $33,390,000. 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.