Intra-Cellular Therapies (NASDAQ:ITCI) Sets New 1-Year High – Time to Buy?

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) hit a new 52-week high during trading on Wednesday . The stock traded as high as $128.45 and last traded at $128.52, with a volume of 412126 shares traded. The stock had previously closed at $127.96.

Analyst Ratings Changes

Several research firms have recently weighed in on ITCI. StockNews.com assumed coverage on Intra-Cellular Therapies in a research report on Sunday. They issued a “hold” rating for the company. Baird R W downgraded shares of Intra-Cellular Therapies from a “strong-buy” rating to a “hold” rating in a report on Monday, January 13th. Cantor Fitzgerald upgraded shares of Intra-Cellular Therapies from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 14th. Canaccord Genuity Group lowered Intra-Cellular Therapies from a “buy” rating to a “hold” rating and boosted their price target for the company from $119.00 to $132.00 in a research note on Friday, January 31st. Finally, Piper Sandler reiterated a “neutral” rating and issued a $132.00 price objective (up previously from $107.00) on shares of Intra-Cellular Therapies in a research report on Tuesday, January 14th. Nine research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $103.62.

Intra-Cellular Therapies Stock Performance

The firm has a market cap of $13.68 billion, a price-to-earnings ratio of -147.92 and a beta of 0.72. The business’s 50-day moving average is $106.66 and its 200-day moving average is $88.38.

Insiders Place Their Bets

In other news, CEO Sharon Mates sold 51,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 1,070,329 shares of the company’s stock, valued at $91,834,228.20. The trade was a 4.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Intra-Cellular Therapies

A number of institutional investors and hedge funds have recently bought and sold shares of ITCI. Norges Bank bought a new position in shares of Intra-Cellular Therapies in the fourth quarter valued at about $268,347,000. Raymond James Financial Inc. bought a new position in shares of Intra-Cellular Therapies in the fourth quarter worth about $76,451,000. Adage Capital Partners GP L.L.C. lifted its position in shares of Intra-Cellular Therapies by 266.5% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 678,000 shares of the biopharmaceutical company’s stock worth $56,627,000 after purchasing an additional 493,000 shares in the last quarter. TimesSquare Capital Management LLC lifted its position in shares of Intra-Cellular Therapies by 91.8% during the fourth quarter. TimesSquare Capital Management LLC now owns 840,269 shares of the biopharmaceutical company’s stock worth $70,179,000 after purchasing an additional 402,186 shares in the last quarter. Finally, Deep Track Capital LP grew its stake in shares of Intra-Cellular Therapies by 24.9% during the fourth quarter. Deep Track Capital LP now owns 2,000,000 shares of the biopharmaceutical company’s stock valued at $167,040,000 after purchasing an additional 399,307 shares during the last quarter. Institutional investors and hedge funds own 92.33% of the company’s stock.

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.