Intra-Cellular Therapies (NASDAQ:ITCI) Price Target Raised to $91.00

Intra-Cellular Therapies (NASDAQ:ITCI) had its price target increased by Bank of America from $82.00 to $91.00 in a report published on Wednesday, Benzinga reports. Bank of America currently has a buy rating on the biopharmaceutical company’s stock.

Other equities research analysts have also issued research reports about the stock. Robert W. Baird initiated coverage on shares of 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. Cantor Fitzgerald reaffirmed an overweight rating and issued a $101.00 price objective on shares of Intra-Cellular Therapies in a report on Friday, February 23rd. Needham & Company LLC reaffirmed a buy rating and issued a $82.00 price objective on shares of Intra-Cellular Therapies in a report on Tuesday. The Goldman Sachs Group raised their price objective on shares of Intra-Cellular Therapies from $67.00 to $77.00 and gave the stock a neutral rating in a report on Wednesday. Finally, Canaccord Genuity Group cut their price objective on shares of Intra-Cellular Therapies from $101.00 to $100.00 and set a buy rating for the company in a report on Friday, February 23rd. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $86.17.

Intra-Cellular Therapies Stock Performance

Shares of ITCI stock opened at $72.37 on Wednesday. The company has a 50 day moving average of $69.31 and a 200-day moving average of $63.87. Intra-Cellular Therapies has a 12-month low of $45.50 and a 12-month high of $84.89.

Intra-Cellular Therapies (NASDAQ:ITCI) last issued its quarterly earnings results on Thursday, February 22nd. The biopharmaceutical company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.14. Intra-Cellular Therapies had a negative net margin of 30.08% and a negative return on equity of 23.02%. The company had revenue of $132.10 million during the quarter, compared to analyst estimates of $135.97 million. During the same quarter last year, the business posted ($0.45) EPS. Intra-Cellular Therapies’s quarterly revenue was up 50.3% compared to the same quarter last year. On average, sell-side analysts forecast that Intra-Cellular Therapies will post -0.69 EPS for the current year.

Insider Buying and Selling at Intra-Cellular Therapies

In other Intra-Cellular Therapies news, CFO Lawrence J. Hineline sold 13,337 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $69.43, for a total value of $925,987.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Sharon Mates sold 20,565 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $65.21, for a total transaction of $1,341,043.65. Following the sale, the chief executive officer now owns 1,050,309 shares in the company, valued at approximately $68,490,649.89. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Lawrence J. Hineline sold 13,337 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $69.43, for a total transaction of $925,987.91. The disclosure for this sale can be found here. Insiders sold a total of 168,487 shares of company stock valued at $11,364,950 in the last three months. Company insiders own 3.40% of the company’s stock.

Institutional Trading of Intra-Cellular Therapies

Several institutional investors and hedge funds have recently made changes to their positions in ITCI. Wellington Management Group LLP purchased a new stake in shares of Intra-Cellular Therapies during the 1st quarter valued at $248,502,000. Avoro Capital Advisors LLC purchased a new stake in shares of Intra-Cellular Therapies during the 4th quarter valued at $161,543,000. Norges Bank purchased a new position in Intra-Cellular Therapies in the 4th quarter worth $85,744,000. Vanguard Group Inc. raised its position in Intra-Cellular Therapies by 13.3% in the 1st quarter. Vanguard Group Inc. now owns 7,788,469 shares of the biopharmaceutical company’s stock worth $476,577,000 after purchasing an additional 912,268 shares during the period. Finally, Avidity Partners Management LP purchased a new position in Intra-Cellular Therapies in the 3rd quarter worth $41,729,000. Hedge funds and other institutional investors 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.