Intra-Cellular Therapies (NASDAQ:ITCI) Lowered to “Sell” at Zacks Investment Research


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Zacks Investment Research downgraded shares of Intra-Cellular Therapies (NASDAQ:ITCI) from a hold rating to a sell rating in a research report sent to investors on Wednesday, Zacks.com reports.

According to Zacks, “Intra-Cellular Therapies Inc. is a biopharmaceutical company. The company develops drugs for the treatment of neuropsychiatric and neurologic diseases and other disorders of the central nervous system. Its product candidates include ITI-007, ITI-002 and ITI-009 which is in clinical trials. Intra-Cellular Therapies Inc. is headquartered in New York. “

Several other brokerages also recently commented on ITCI. Royal Bank of Canada cut their target price on Intra-Cellular Therapies from $43.00 to $36.00 and set an outperform rating for the company in a research note on Monday, November 2nd. Bank of America assumed coverage on Intra-Cellular Therapies in a research report on Tuesday, December 15th. They set a buy rating and a $40.00 price target for the company. BTIG Research dropped their price target on Intra-Cellular Therapies from $80.00 to $40.00 and set a buy rating for the company in a research report on Monday, November 2nd. They noted that the move was a valuation call. Cantor Fitzgerald lifted their price target on Intra-Cellular Therapies from $53.00 to $54.00 and gave the company an overweight rating in a research report on Tuesday, December 29th. Finally, ValuEngine upgraded Intra-Cellular Therapies from a hold rating to a buy rating in a research report on Tuesday, December 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $42.89.

Shares of NASDAQ ITCI opened at $33.84 on Wednesday. Intra-Cellular Therapies has a 52 week low of $10.94 and a 52 week high of $34.40. The business has a 50-day simple moving average of $28.64 and a two-hundred day simple moving average of $25.02. The company has a market cap of $2.71 billion, a P/E ratio of -10.51 and a beta of 1.43.

Intra-Cellular Therapies (NASDAQ:ITCI) last issued its earnings results on Saturday, November 14th. The biopharmaceutical company reported ($0.79) EPS for the quarter, topping the consensus estimate of ($1.00) by $0.21. Intra-Cellular Therapies had a negative return on equity of 48.27% and a negative net margin of 1,985.32%. The business had revenue of $7.37 million during the quarter, compared to the consensus estimate of $6.52 million. On average, equities research analysts predict that Intra-Cellular Therapies will post -3.27 EPS for the current fiscal year.

In other Intra-Cellular Therapies news, insider Suresh K. Durgam sold 4,367 shares of Intra-Cellular Therapies stock in a transaction that occurred on Monday, January 11th. The stock was sold at an average price of $32.12, for a total value of $140,268.04. Following the transaction, the insider now directly owns 21,851 shares of the company’s stock, valued at approximately $701,854.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sharon Mates sold 41,896 shares of Intra-Cellular Therapies stock in a transaction that occurred on Monday, January 11th. The stock was sold at an average price of $32.01, for a total value of $1,341,090.96. Following the completion of the transaction, the chief executive officer now directly owns 1,175,288 shares in the company, valued at $37,620,968.88. The disclosure for this sale can be found here. Insiders sold a total of 320,147 shares of company stock valued at $9,272,230 in the last 90 days. 18.20% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the business. Sei Investments Co. increased its stake in Intra-Cellular Therapies by 134.3% in the 3rd quarter. Sei Investments Co. now owns 26,533 shares of the biopharmaceutical company’s stock worth $681,000 after purchasing an additional 15,211 shares during the period. International Biotechnology Trust PLC increased its stake in Intra-Cellular Therapies by 7.8% in the 3rd quarter. International Biotechnology Trust PLC now owns 24,800 shares of the biopharmaceutical company’s stock worth $637,000 after purchasing an additional 1,800 shares during the period. Nantahala Capital Management LLC purchased a new position in Intra-Cellular Therapies in the 3rd quarter worth approximately $4,477,000. Public Employees Retirement System of Ohio increased its stake in Intra-Cellular Therapies by 26.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 81,275 shares of the biopharmaceutical company’s stock worth $2,086,000 after purchasing an additional 17,179 shares during the period. Finally, Voloridge Investment Management LLC purchased a new position in Intra-Cellular Therapies in the 3rd quarter worth approximately $746,000. 61.09% of the stock is currently owned by institutional investors and hedge funds.

Intra-Cellular Therapies Company Profile

Intra-Cellular Therapies, Inc, a biopharmaceutical company, develops novel drugs for the treatment of neuropsychiatric and neurologic diseases, and other disorders of the central nervous system (CNS) in the United States. The company is developing its lead drug candidate, CAPLYTA for the treatment of schizophrenia, bipolar disorder, behavioral disturbances associated with dementia, autism, and other CNS diseases.

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