Simplify Asset Management Inc. Increases Position in Intra-Cellular Therapies, Inc. (NASDAQ:ITCI)

Simplify Asset Management Inc. lifted its holdings in shares of Intra-Cellular Therapies, Inc. (NASDAQ:ITCI - Free Report) by 66.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,883 shares of the biopharmaceutical company's stock after acquiring an additional 12,346 shares during the period. Simplify Asset Management Inc.'s holdings in Intra-Cellular Therapies were worth $2,260,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ITCI. CIBC Asset Management Inc purchased a new position in Intra-Cellular Therapies in the 3rd quarter valued at $205,000. KBC Group NV lifted its holdings in Intra-Cellular Therapies by 17.3% in the third quarter. KBC Group NV now owns 2,864 shares of the biopharmaceutical company's stock valued at $210,000 after acquiring an additional 423 shares during the period. Oppenheimer Asset Management Inc. lifted its holdings in Intra-Cellular Therapies by 9.5% in the third quarter. Oppenheimer Asset Management Inc. now owns 38,850 shares of the biopharmaceutical company's stock valued at $2,843,000 after acquiring an additional 3,358 shares during the period. MQS Management LLC acquired a new stake in Intra-Cellular Therapies in the third quarter valued at $269,000. Finally, Aigen Investment Management LP lifted its holdings in Intra-Cellular Therapies by 91.3% in the third quarter. Aigen Investment Management LP now owns 14,890 shares of the biopharmaceutical company's stock valued at $1,090,000 after acquiring an additional 7,105 shares during the period. 92.33% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Sharon Mates sold 34,396 shares of Intra-Cellular Therapies stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $72.84, for a total value of $2,505,404.64. 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 $77,962,764.36. This trade represents a 3.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Michael Halstead sold 22,869 shares of Intra-Cellular Therapies stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $89.12, for a total value of $2,038,085.28. The disclosure for this sale can be found here. In the last three months, insiders have sold 179,471 shares of company stock valued at $13,670,383. 2.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on ITCI shares. Royal Bank of Canada lifted their price target 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. Piper Sandler upgraded Intra-Cellular Therapies from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $68.00 to $92.00 in a report on Friday, September 6th. UBS Group decreased their target price on Intra-Cellular Therapies from $83.00 to $79.00 and set a "neutral" rating for the company in a report on Thursday, August 8th. Needham & Company LLC reissued a "buy" rating and set a $100.00 price target on shares of Intra-Cellular Therapies in a research report on Wednesday, October 30th. Finally, 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. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $97.23.

Intra-Cellular Therapies Stock Down 4.8 %

Shares of ITCI stock traded down $4.21 during trading hours on Friday, reaching $83.42. The company's stock had a trading volume of 628,171 shares, compared to its average volume of 864,070. The firm's 50 day simple moving average is $78.07 and its 200-day simple moving average is $74.21. The company has a market capitalization of $8.84 billion, a price-to-earnings ratio of -95.88 and a beta of 0.97. Intra-Cellular Therapies, Inc. has a fifty-two week low of $54.17 and a fifty-two week high of $93.45.

Intra-Cellular Therapies (NASDAQ:ITCI - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The biopharmaceutical company reported ($0.25) earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $172.30 million. During the same period last year, the business earned ($0.25) EPS. The company's revenue was up 39.0% compared to the same quarter last year. Sell-side analysts predict that Intra-Cellular Therapies, Inc. will post -0.64 earnings per share for the current year.

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.