Intra-Cellular Therapies (NASDAQ:ITCI) Shares Gap Up - What's Next?

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI - Get Free Report)'s share price gapped up before the market opened on Monday . The stock had previously closed at $94.87, but opened at $127.95. Intra-Cellular Therapies shares last traded at $126.98, with a volume of 9,146,297 shares.

Analyst Upgrades and Downgrades

ITCI has been the topic of a number of recent analyst reports. Morgan Stanley increased their price target on Intra-Cellular Therapies from $92.00 to $95.00 and gave the stock an "overweight" rating in a research report on Friday, October 11th. Needham & Company LLC reissued a "hold" rating and set a $100.00 target price on shares of Intra-Cellular Therapies in a research note on Monday. Royal Bank of Canada boosted their target price on Intra-Cellular Therapies from $106.00 to $108.00 and gave the stock an "outperform" rating in a research note on Friday, October 4th. JPMorgan Chase & Co. lifted their price target on Intra-Cellular Therapies from $81.00 to $89.00 and gave the stock an "overweight" rating in a report on Monday, November 4th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $130.00 target price on shares of Intra-Cellular Therapies in a report on Monday, September 16th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, Intra-Cellular Therapies currently has an average rating of "Moderate Buy" and a consensus price target of $97.23.

Intra-Cellular Therapies Trading Up 34.1 %

The firm has a market capitalization of $13.48 billion, a PE ratio of -146.19 and a beta of 0.70. The firm has a 50-day moving average of $85.57 and a two-hundred day moving average of $78.87.

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 the consensus estimate of ($0.18) by ($0.07). The company had revenue of $175.40 million during the quarter, compared to analyst estimates 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 firm's revenue for the quarter was up 39.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.25) earnings per share. Equities research analysts expect that Intra-Cellular Therapies, Inc. will post -0.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Michael Halstead sold 22,869 shares of the firm's stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $89.12, for a total transaction of $2,038,085.28. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Sharon Mates sold 51,000 shares of the firm's stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $85.80, for a total transaction of $4,375,800.00. Following the transaction, the chief executive officer now owns 1,070,329 shares in the company, 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 Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ITCI. Victory Capital Management Inc. grew its position in Intra-Cellular Therapies by 7.4% in the second quarter. Victory Capital Management Inc. now owns 68,139 shares of the biopharmaceutical company's stock worth $4,667,000 after buying an additional 4,674 shares during the last quarter. DekaBank Deutsche Girozentrale grew its position in Intra-Cellular Therapies by 1.0% in the second quarter. DekaBank Deutsche Girozentrale now owns 52,499 shares of the biopharmaceutical company's stock worth $3,714,000 after buying an additional 502 shares during the last quarter. Oppenheimer Asset Management Inc. grew its position in Intra-Cellular Therapies by 21.9% in the second quarter. Oppenheimer Asset Management Inc. now owns 35,492 shares of the biopharmaceutical company's stock worth $2,431,000 after buying an additional 6,382 shares during the last quarter. Renaissance Technologies LLC grew its position in Intra-Cellular Therapies by 130.0% during the 2nd quarter. Renaissance Technologies LLC now owns 222,400 shares of the biopharmaceutical company's stock worth $15,232,000 after purchasing an additional 125,700 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in Intra-Cellular Therapies during the 2nd quarter worth approximately $1,420,000. Institutional investors and hedge funds 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.