Intra-Cellular Therapies Inc. (ITCI) Upgraded to “Overweight” at Piper Jaffray Companies
Intra-Cellular Therapies Inc. (NASDAQ:ITCI) was upgraded by research analysts at Piper Jaffray Companies from a “neutral” rating to an “overweight” rating in a research note issued to investors on Thursday, Marketbeat.com reports. The brokerage currently has a $33.00 price objective on the biopharmaceutical company’s stock, up from their previous price objective of $14.00. Piper Jaffray Companies’ price objective would suggest a potential upside of 54.28% from the stock’s current price.
Other analysts have also recently issued reports about the company. BidaskClub cut Intra-Cellular Therapies from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. ValuEngine raised Intra-Cellular Therapies from a “strong sell” rating to a “sell” rating in a research report on Friday, August 18th. Leerink Swann reissued a “market perform” rating and issued a $12.00 price target on shares of Intra-Cellular Therapies in a research report on Tuesday, August 15th. Zacks Investment Research raised Intra-Cellular Therapies from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research report on Tuesday, August 15th. Finally, JMP Securities raised Intra-Cellular Therapies from a “market perform” rating to an “outperform” rating and set a $24.00 price target on the stock in a research report on Thursday, August 24th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $27.11.
Shares of Intra-Cellular Therapies (NASDAQ ITCI) opened at 21.39 on Thursday. The stock’s market capitalization is $928.84 million. The stock has a 50 day moving average price of $13.66 and a 200 day moving average price of $12.79. Intra-Cellular Therapies has a 52 week low of $7.85 and a 52 week high of $45.20.
Intra-Cellular Therapies (NASDAQ:ITCI) last posted its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.41) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.74) by $0.33. The business had revenue of $0.11 million for the quarter, compared to analysts’ expectations of $0.03 million. Intra-Cellular Therapies had a negative return on equity of 27.92% and a negative net margin of 32,834.94%. The business’s revenue was down 52.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.71) EPS. On average, equities research analysts expect that Intra-Cellular Therapies will post ($2.36) EPS for the current year.
Hedge funds have recently added to or reduced their stakes in the stock. Trexquant Investment LP bought a new position in Intra-Cellular Therapies in the 1st quarter valued at approximately $384,000. BB Biotech AG lifted its position in Intra-Cellular Therapies by 22.2% in the 1st quarter. BB Biotech AG now owns 1,925,000 shares of the biopharmaceutical company’s stock valued at $31,281,000 after acquiring an additional 350,000 shares in the last quarter. Vanguard Group Inc. lifted its position in Intra-Cellular Therapies by 7.3% in the 1st quarter. Vanguard Group Inc. now owns 2,741,887 shares of the biopharmaceutical company’s stock valued at $44,556,000 after acquiring an additional 186,165 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in Intra-Cellular Therapies by 5.6% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 137,975 shares of the biopharmaceutical company’s stock valued at $2,243,000 after acquiring an additional 7,335 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Intra-Cellular Therapies by 59.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 133,184 shares of the biopharmaceutical company’s stock valued at $2,164,000 after acquiring an additional 49,884 shares in the last quarter. 71.79% of the stock is currently owned by institutional investors and hedge funds.
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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