Intra-Cellular Therapies (NASDAQ:ITCI) Sees Strong Trading Volume - Here's What Happened

Shares of Intra-Cellular Therapies, Inc. (NASDAQ:ITCI - Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 3,574,748 shares were traded during mid-day trading, a decline of 38% from the previous session's volume of 5,797,532 shares.The stock last traded at $127.07 and had previously closed at $127.19.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their target price on Intra-Cellular Therapies from $81.00 to $89.00 and gave the stock an "overweight" rating in a report on Monday, November 4th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $130.00 price objective on shares of Intra-Cellular Therapies in a report on Monday, September 16th. Needham & Company LLC reiterated a "hold" rating and set a $100.00 target price on shares of Intra-Cellular Therapies in a research report on Monday. Morgan Stanley boosted their price target on shares of Intra-Cellular Therapies from $92.00 to $95.00 and gave the stock an "overweight" rating in a research report on Friday, October 11th. Finally, Piper Sandler reissued a "neutral" rating and set a $132.00 price objective (up from $107.00) on shares of Intra-Cellular Therapies in a research note on Tuesday. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $100.31.

Intra-Cellular Therapies Trading Down 0.2 %

The company has a 50-day simple moving average of $86.39 and a 200 day simple moving average of $79.26. The company has a market cap of $13.45 billion, a P/E ratio of -145.85 and a beta of 0.70.

Intra-Cellular Therapies (NASDAQ:ITCI - Get Free Report) last posted 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 return on equity of 9.93% and a negative net margin of 14.07%. The company had revenue of $175.40 million during the quarter, compared to the consensus estimate of $172.30 million. During the same quarter in the previous year, the company posted ($0.25) earnings per share. The company's revenue for the quarter was up 39.0% on a year-over-year basis. On average, equities analysts forecast that Intra-Cellular Therapies, Inc. will post -0.64 EPS for the current fiscal year.

Insider Activity

In other news, President Michael Halstead sold 22,869 shares of the business's stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $89.12, for a total value of $2,038,085.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sharon Mates sold 51,000 shares of the business's stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $85.80, for a total value of $4,375,800.00. Following the completion of the transaction, the chief executive officer now directly owns 1,070,329 shares of the company's stock, valued at approximately $91,834,228.20. The trade was a 4.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On Intra-Cellular Therapies

A number of large investors have recently added to or reduced their stakes in the company. True Wealth Design LLC bought a new stake in shares of Intra-Cellular Therapies in the 3rd quarter valued at about $32,000. GAMMA Investing LLC grew its holdings in Intra-Cellular Therapies by 46.3% in the fourth quarter. GAMMA Investing LLC now owns 758 shares of the biopharmaceutical company's stock worth $63,000 after purchasing an additional 240 shares during the last quarter. Capital Performance Advisors LLP purchased a new stake in shares of Intra-Cellular Therapies during the 3rd quarter valued at $74,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Intra-Cellular Therapies in the 3rd quarter worth $97,000. Finally, Quarry LP grew its stake in Intra-Cellular Therapies by 260.0% during the 3rd quarter. Quarry LP now owns 1,800 shares of the biopharmaceutical company's stock worth $132,000 after buying an additional 1,300 shares during the last quarter. 92.33% of the stock is currently owned by 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.