Intra-Cellular Therapies (NASDAQ:ITCI) Price Target Raised to $77.00

Intra-Cellular Therapies (NASDAQ:ITCI) had its price target hoisted by The Goldman Sachs Group from $67.00 to $77.00 in a report released on Wednesday morning, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the biopharmaceutical company’s stock.

ITCI has been the subject of a number of other research reports. Bank of America increased their target price on Intra-Cellular Therapies from $74.00 to $82.00 and gave the company a buy rating in a research note on Tuesday, January 2nd. Royal Bank of Canada reiterated an outperform rating and issued a $86.00 target price on shares of Intra-Cellular Therapies in a research note on Wednesday, April 3rd. Cantor Fitzgerald reiterated an overweight rating and issued a $101.00 target price on shares of Intra-Cellular Therapies in a research note on Friday, February 23rd. Needham & Company LLC restated a buy rating and set a $82.00 price objective on shares of Intra-Cellular Therapies in a research note on Tuesday. Finally, Canaccord Genuity Group lowered their price objective on Intra-Cellular Therapies from $101.00 to $100.00 and set a buy rating for the company in a research note on Friday, February 23rd. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $86.17.

Intra-Cellular Therapies Stock Performance

Intra-Cellular Therapies stock opened at $72.37 on Wednesday. The stock’s 50-day moving average is $69.31 and its 200-day moving average is $63.87. Intra-Cellular Therapies has a 12 month low of $45.50 and a 12 month high of $84.89.

Intra-Cellular Therapies (NASDAQ:ITCI) last posted its earnings results on Thursday, February 22nd. The biopharmaceutical company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.14. Intra-Cellular Therapies had a negative return on equity of 23.02% and a negative net margin of 30.08%. The business had revenue of $132.10 million during the quarter, compared to analyst estimates of $135.97 million. During the same quarter last year, the firm earned ($0.45) earnings per share. The company’s revenue for the quarter was up 50.3% compared to the same quarter last year. Sell-side analysts expect that Intra-Cellular Therapies will post -0.69 EPS for the current year.

Insider Transactions at Intra-Cellular Therapies

In other news, CEO Sharon Mates sold 20,565 shares of Intra-Cellular Therapies stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $65.21, for a total value of $1,341,043.65. Following the completion of the transaction, the chief executive officer now owns 1,050,309 shares in the company, valued at approximately $68,490,649.89. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, EVP Michael Halstead sold 7,907 shares of Intra-Cellular Therapies stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $69.53, for a total value of $549,773.71. Following the completion of the transaction, the executive vice president now owns 29,700 shares in the company, valued at approximately $2,065,041. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Sharon Mates sold 20,565 shares of Intra-Cellular Therapies stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $65.21, for a total value of $1,341,043.65. Following the completion of the transaction, the chief executive officer now owns 1,050,309 shares of the company’s stock, valued at approximately $68,490,649.89. The disclosure for this sale can be found here. In the last quarter, insiders sold 168,487 shares of company stock worth $11,364,950. 3.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Intra-Cellular Therapies

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Intra-Cellular Therapies by 6.5% during the 4th quarter. Vanguard Group Inc. now owns 9,094,302 shares of the biopharmaceutical company’s stock valued at $651,334,000 after purchasing an additional 554,577 shares during the period. BlackRock Inc. boosted its position in Intra-Cellular Therapies by 13.1% during the 1st quarter. BlackRock Inc. now owns 6,470,417 shares of the biopharmaceutical company’s stock valued at $395,924,000 after purchasing an additional 748,651 shares during the period. Wellington Management Group LLP acquired a new position in Intra-Cellular Therapies during the 1st quarter valued at approximately $248,502,000. Wasatch Advisors LP boosted its position in Intra-Cellular Therapies by 6.3% during the 1st quarter. Wasatch Advisors LP now owns 3,854,747 shares of the biopharmaceutical company’s stock valued at $266,748,000 after purchasing an additional 227,439 shares during the period. Finally, Avoro Capital Advisors LLC acquired a new position in Intra-Cellular Therapies during the 4th quarter valued at approximately $161,543,000. Institutional investors 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.