Royal Bank of Canada Reaffirms “Sector Perform” Rating for Intra-Cellular Therapies (NASDAQ:ITCI)

Intra-Cellular Therapies (NASDAQ:ITCI)‘s stock had its “sector perform” rating reaffirmed by investment analysts at Royal Bank of Canada in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $132.00 target price on the biopharmaceutical company’s stock, up from their prior target price of $108.00. Royal Bank of Canada’s target price would indicate a potential upside of 3.69% from the stock’s previous close.

A number of other research firms also recently weighed in on ITCI. Morgan Stanley upped their target price on Intra-Cellular Therapies from $92.00 to $95.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. JPMorgan Chase & Co. upped their price objective on shares of Intra-Cellular Therapies from $81.00 to $89.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Piper Sandler reaffirmed a “neutral” rating and issued a $132.00 price objective (up previously from $107.00) on shares of Intra-Cellular Therapies in a research note on Tuesday, January 14th. Leerink Partnrs lowered Intra-Cellular Therapies from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 13th. Finally, Needham & Company LLC reissued a “hold” rating and set a $100.00 price objective on shares of Intra-Cellular Therapies in a research report on Monday, January 13th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $102.15.

Intra-Cellular Therapies Stock Up 0.6 %

Shares of NASDAQ:ITCI traded up $0.80 during midday trading on Wednesday, reaching $127.30. 3,652,758 shares of the company were exchanged, compared to its average volume of 6,972,479. The stock has a fifty day simple moving average of $89.99 and a two-hundred day simple moving average of $81.30. Intra-Cellular Therapies has a fifty-two week low of $62.78 and a fifty-two week high of $128.00. The firm has a market cap of $13.50 billion, a PE ratio of -146.34 and a beta of 0.70.

Intra-Cellular Therapies (NASDAQ:ITCI) last announced its quarterly earnings results on Wednesday, October 30th. The biopharmaceutical company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.07). Intra-Cellular Therapies had a negative net margin of 14.07% and a negative return on equity of 9.93%. The firm had revenue of $175.40 million during the quarter, compared to analyst estimates of $172.30 million. During the same quarter in the prior year, the business earned ($0.25) EPS. The business’s revenue was up 39.0% compared to the same quarter last year. As a group, analysts forecast that Intra-Cellular Therapies will post -0.64 earnings per share for the current year.

Insider Activity

In other Intra-Cellular Therapies news, President Michael Halstead sold 22,869 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $89.12, for a total value of $2,038,085.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sharon Mates sold 51,000 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were 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. This represents a 4.55 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Institutional Trading of Intra-Cellular Therapies

A number of hedge funds have recently made changes to their positions in ITCI. Amalgamated Bank raised its holdings in Intra-Cellular Therapies by 117.3% in the second quarter. Amalgamated Bank now owns 6,922 shares of the biopharmaceutical company’s stock worth $474,000 after buying an additional 3,736 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its position in shares of Intra-Cellular Therapies by 20.0% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 6,312 shares of the biopharmaceutical company’s stock valued at $432,000 after acquiring an additional 1,052 shares in the last quarter. Sei Investments Co. raised its holdings in Intra-Cellular Therapies by 25.1% in the 2nd quarter. Sei Investments Co. now owns 160,487 shares of the biopharmaceutical company’s stock worth $10,992,000 after acquiring an additional 32,176 shares during the last quarter. Xponance Inc. boosted its stake in Intra-Cellular Therapies by 135.6% during the 2nd quarter. Xponance Inc. now owns 13,329 shares of the biopharmaceutical company’s stock valued at $913,000 after purchasing an additional 7,671 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of Intra-Cellular Therapies in the second quarter worth $34,178,000. 92.33% of the stock is owned by institutional investors.

Intra-Cellular Therapies Company Profile

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.