Intra-Cellular Therapies’ (ITCI) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Intra-Cellular Therapies (NASDAQ:ITCI) in a research note released on Tuesday, Benzinga reports. The brokerage currently has a $82.00 price objective on the biopharmaceutical company’s stock.

Several other brokerages have also issued reports on ITCI. Royal Bank of Canada reaffirmed an outperform rating and set a $86.00 target price on shares of Intra-Cellular Therapies in a research report on Wednesday, April 3rd. Cantor Fitzgerald reiterated an overweight rating and set a $101.00 price target on shares of Intra-Cellular Therapies in a research note on Friday, February 23rd. Canaccord Genuity Group cut their price target on Intra-Cellular Therapies from $101.00 to $100.00 and set a buy rating for the company in a research note on Friday, February 23rd. Mizuho increased their price target on Intra-Cellular Therapies from $76.00 to $82.00 and gave the stock a buy rating in a research note on Friday, February 16th. Finally, Robert W. Baird started coverage on Intra-Cellular Therapies in a research note on Wednesday, January 3rd. They set an outperform rating and a $83.00 price target for the company. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $81.42.

Intra-Cellular Therapies Price Performance

Shares of Intra-Cellular Therapies stock opened at $79.84 on Tuesday. Intra-Cellular Therapies has a 1 year low of $45.50 and a 1 year high of $84.89. The firm has a market cap of $7.73 billion, a PE ratio of -54.68 and a beta of 1.02. The stock has a fifty day moving average price of $68.95 and a 200-day moving average price of $63.53.

Intra-Cellular Therapies (NASDAQ:ITCI) last announced its earnings results on Thursday, February 22nd. The biopharmaceutical company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.14. Intra-Cellular Therapies had a negative return on equity of 23.02% and a negative net margin of 30.08%. The firm had revenue of $132.10 million during the quarter, compared to analyst estimates of $135.97 million. During the same period last year, the firm posted ($0.45) EPS. The business’s revenue was up 50.3% compared to the same quarter last year. As a group, equities analysts anticipate that Intra-Cellular Therapies will post -0.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Sharon Mates sold 67,917 shares of Intra-Cellular Therapies stock in a transaction dated Thursday, January 18th. The stock was sold at an average price of $65.19, for a total transaction of $4,427,509.23. Following the completion of the sale, the chief executive officer now owns 1,050,309 shares in the company, valued at approximately $68,469,643.71. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Sharon Mates sold 67,917 shares of Intra-Cellular Therapies stock in a transaction dated Thursday, January 18th. The stock was sold at an average price of $65.19, for a total transaction of $4,427,509.23. Following the completion of the sale, the chief executive officer now owns 1,050,309 shares in the company, valued at approximately $68,469,643.71. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Lawrence J. Hineline sold 10,121 shares of Intra-Cellular Therapies stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $65.96, for a total value of $667,581.16. The disclosure for this sale can be found here. Insiders sold a total of 236,404 shares of company stock worth $15,792,460 in the last quarter. 3.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Intra-Cellular Therapies

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Intra-Cellular Therapies by 6.5% during the 4th quarter. Vanguard Group Inc. now owns 9,094,302 shares of the biopharmaceutical company’s stock valued at $651,334,000 after buying an additional 554,577 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Intra-Cellular Therapies by 13.1% during the 1st quarter. BlackRock Inc. now owns 6,470,417 shares of the biopharmaceutical company’s stock valued at $395,924,000 after buying an additional 748,651 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of Intra-Cellular Therapies during the 1st quarter valued at about $248,502,000. Avoro Capital Advisors LLC purchased a new position in shares of Intra-Cellular Therapies during the 4th quarter valued at about $161,543,000. Finally, State Street Corp raised its holdings in shares of Intra-Cellular Therapies by 3.9% during the 2nd quarter. State Street Corp now owns 2,105,705 shares of the biopharmaceutical company’s stock valued at $133,333,000 after buying an additional 79,477 shares in the last quarter. 92.33% of the stock is owned by hedge funds and other 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.