Zacks Investment Research Downgrades Intra-Cellular Therapies (NASDAQ:ITCI) to Hold

Zacks Investment Research downgraded shares of Intra-Cellular Therapies (NASDAQ:ITCI) from a buy rating to a hold rating in a research note published on Thursday, Zacks.com reports.

According to Zacks, “Intra-Cellular Therapies Inc. is a biopharmaceutical company. The company develops drugs for the treatment of neuropsychiatric and neurologic diseases and other disorders of the central nervous system. Its product candidates include ITI-007, ITI-002 and ITI-009 which is in clinical trials. Intra-Cellular Therapies Inc. is headquartered in New York. “

Several other research analysts have also commented on ITCI. ValuEngine upgraded shares of XCel Brands from a sell rating to a hold rating in a research note on Tuesday, July 9th. BidaskClub lowered shares of Vertex Pharmaceuticals from a buy rating to a hold rating in a research note on Tuesday, July 9th. Cantor Fitzgerald reiterated an overweight rating and set a $29.00 price objective (up previously from $26.00) on shares of Intra-Cellular Therapies in a research note on Thursday, May 23rd. Finally, Cowen reiterated a buy rating and set a $28.00 price objective on shares of Intra-Cellular Therapies in a research note on Monday, July 8th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $27.50.



NASDAQ ITCI opened at $11.82 on Thursday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 9.59 and a current ratio of 9.59. The company has a market cap of $651.70 million, a price-to-earnings ratio of -4.16 and a beta of 1.24. The stock’s 50 day moving average price is $12.44. Intra-Cellular Therapies has a 52 week low of $10.09 and a 52 week high of $23.62.

Intra-Cellular Therapies (NASDAQ:ITCI) last posted its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.90) by $0.27. Analysts anticipate that Intra-Cellular Therapies will post -3.83 EPS for the current year.

In other Intra-Cellular Therapies news, Director Christopher D. Alafi acquired 170,000 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were acquired at an average cost of $11.73 per share, with a total value of $1,994,100.00. Following the acquisition, the director now directly owns 750,106 shares of the company’s stock, valued at $8,798,743.38. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Christopher D. Alafi acquired 100,000 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was acquired at an average cost of $12.56 per share, for a total transaction of $1,256,000.00. Following the completion of the acquisition, the director now directly owns 750,106 shares in the company, valued at $9,421,331.36. The disclosure for this purchase can be found here. 18.20% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC boosted its holdings in Intra-Cellular Therapies by 0.7% during the first quarter. FMR LLC now owns 8,267,510 shares of the biopharmaceutical company’s stock worth $100,698,000 after buying an additional 58,561 shares in the last quarter. BlackRock Inc. boosted its holdings in Intra-Cellular Therapies by 1.9% during the fourth quarter. BlackRock Inc. now owns 4,004,666 shares of the biopharmaceutical company’s stock worth $45,614,000 after buying an additional 76,356 shares in the last quarter. Wasatch Advisors Inc. boosted its holdings in Intra-Cellular Therapies by 19.0% during the first quarter. Wasatch Advisors Inc. now owns 2,361,619 shares of the biopharmaceutical company’s stock worth $28,765,000 after buying an additional 377,561 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Intra-Cellular Therapies by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,444,223 shares of the biopharmaceutical company’s stock worth $16,450,000 after buying an additional 24,335 shares in the last quarter. Finally, Rhenman & Partners Asset Management AB boosted its holdings in Intra-Cellular Therapies by 43.9% during the first quarter. Rhenman & Partners Asset Management AB now owns 949,833 shares of the biopharmaceutical company’s stock worth $11,569,000 after buying an additional 289,851 shares in the last quarter. 69.12% of the stock is currently owned by hedge funds and other institutional investors.

Intra-Cellular Therapies Company Profile

Intra-Cellular Therapies, Inc, a biopharmaceutical company, engages in developing novel drugs for the treatment of neuropsychiatric and neurodegenerative disorders. The company is developing its lead drug candidate, lumateperone for the treatment of schizophrenia, bipolar disorder, behavioral disturbances associated with dementia, autism, and other CNS diseases.

Read More: How a Strangle Strategy is different from a Straddle Strategy

Get a free copy of the Zacks research report on Intra-Cellular Therapies (ITCI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Intra-Cellular Therapies (NASDAQ:ITCI)

Receive News & Ratings for Intra-Cellular Therapies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Intra-Cellular Therapies and related companies with MarketBeat.com's FREE daily email newsletter.