Intra-Cellular Therapies (NASDAQ:ITCI) Sets New 1-Year High Following Analyst Upgrade

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI - Get Free Report)'s share price hit a new 52-week high during trading on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $81.00 to $89.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Intra-Cellular Therapies traded as high as $88.77 and last traded at $88.51, with a volume of 276949 shares. The stock had previously closed at $86.17.

ITCI has been the subject of several other research reports. Piper Sandler raised shares of Intra-Cellular Therapies from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $68.00 to $92.00 in a report on Friday, September 6th. Needham & Company LLC reiterated a "buy" rating and set a $100.00 target price on shares of Intra-Cellular Therapies in a research report on Wednesday, October 30th. Royal Bank of Canada lifted their target price on Intra-Cellular Therapies from $106.00 to $108.00 and gave the company an "outperform" rating in a research note on Friday, October 4th. Morgan Stanley increased their price objective on shares of Intra-Cellular Therapies from $92.00 to $95.00 and gave the company an "overweight" rating in a report on Friday, October 11th. Finally, The Goldman Sachs Group lowered their target price on shares of Intra-Cellular Therapies from $77.00 to $74.00 and set a "neutral" rating on the stock in a report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $97.23.

Insider Buying and Selling at Intra-Cellular Therapies

In other news, EVP Mark Neumann sold 18,714 shares of the firm's stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $75.08, for a total value of $1,405,047.12. Following the completion of the sale, the executive vice president now owns 29,700 shares in the company, valued at approximately $2,229,876. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Intra-Cellular Therapies news, CEO Sharon Mates sold 28,680 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $74.46, for a total value of $2,135,512.80. Following the sale, the chief executive officer now owns 1,070,329 shares in the company, valued at $79,696,697.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Mark Neumann sold 18,714 shares of the business's stock in a transaction on Friday, August 16th. The shares were sold at an average price of $75.08, for a total transaction of $1,405,047.12. Following the sale, the executive vice president now directly owns 29,700 shares of the company's stock, valued at $2,229,876. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 175,316 shares of company stock worth $13,037,345 over the last quarter. Insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On Intra-Cellular Therapies

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Intra-Cellular Therapies by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 9,225,981 shares of the biopharmaceutical company's stock worth $638,438,000 after buying an additional 131,679 shares in the last quarter. Avoro Capital Advisors LLC increased its position in Intra-Cellular Therapies by 21.2% during the 2nd quarter. Avoro Capital Advisors LLC now owns 3,000,000 shares of the biopharmaceutical company's stock valued at $205,470,000 after purchasing an additional 525,000 shares during the period. Clearbridge Investments LLC raised its holdings in shares of Intra-Cellular Therapies by 12.3% in the 1st quarter. Clearbridge Investments LLC now owns 1,744,551 shares of the biopharmaceutical company's stock valued at $120,723,000 after purchasing an additional 191,416 shares in the last quarter. Perceptive Advisors LLC lifted its position in shares of Intra-Cellular Therapies by 62.6% in the 2nd quarter. Perceptive Advisors LLC now owns 1,716,407 shares of the biopharmaceutical company's stock worth $117,557,000 after purchasing an additional 661,052 shares during the period. Finally, Millennium Management LLC boosted its stake in shares of Intra-Cellular Therapies by 214.5% during the second quarter. Millennium Management LLC now owns 889,102 shares of the biopharmaceutical company's stock valued at $60,895,000 after purchasing an additional 606,358 shares in the last quarter. Institutional investors own 92.33% of the company's stock.

Intra-Cellular Therapies Price Performance

The company has a market capitalization of $9.46 billion, a PE ratio of -102.57 and a beta of 0.97. The company's fifty day moving average is $75.72 and its 200-day moving average is $73.42.

Intra-Cellular Therapies (NASDAQ:ITCI - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The biopharmaceutical company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.07). The company had revenue of $175.40 million during the quarter, compared to analysts' expectations of $172.30 million. Intra-Cellular Therapies had a negative net margin of 14.07% and a negative return on equity of 9.93%. The company's revenue was up 39.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.25) earnings per share. Equities research analysts forecast that Intra-Cellular Therapies, Inc. will post -0.61 EPS for the current fiscal year.

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.