Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) Sees Significant Decline in Short Interest

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) was the target of a significant drop in short interest in June. As of June 15th, there was short interest totalling 3,730,000 shares, a drop of 6.8% from the May 31st total of 4,000,000 shares. Based on an average daily volume of 1,040,000 shares, the short-interest ratio is presently 3.6 days.

Analyst Ratings Changes

A number of equities analysts have recently commented on ITCI shares. Needham & Company LLC raised their price objective on shares of Intra-Cellular Therapies from $90.00 to $94.00 and gave the company a “buy” rating in a research report on Tuesday, June 18th. Royal Bank of Canada reissued an “outperform” rating and set a $103.00 price target on shares of Intra-Cellular Therapies in a research note on Tuesday, June 25th. TD Cowen lifted their target price on shares of Intra-Cellular Therapies from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. JPMorgan Chase & Co. lifted their price target on shares of Intra-Cellular Therapies from $75.00 to $78.00 and gave the company an “overweight” rating in a report on Wednesday, June 12th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $120.00 price target on shares of Intra-Cellular Therapies in a report on Friday, June 14th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $94.33.

Insider Activity at Intra-Cellular Therapies

In other news, Director Nostrand Robert L. Van sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $75.91, for a total transaction of $1,518,200.00. Following the completion of the sale, the director now owns 9,690 shares in the company, valued at approximately $735,567.90. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Rory B. Riggs sold 4,462 shares of the stock in a transaction on Monday, June 24th. The shares were sold at an average price of $75.57, for a total transaction of $337,193.34. Following the transaction, the director now directly owns 116,600 shares of the company’s stock, valued at $8,811,462. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Nostrand Robert L. Van sold 20,000 shares of the company’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $75.91, for a total transaction of $1,518,200.00. Following the transaction, the director now owns 9,690 shares in the company, valued at approximately $735,567.90. The disclosure for this sale can be found here. 3.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. First Hawaiian Bank boosted its stake in shares of Intra-Cellular Therapies by 8.3% in the second quarter. First Hawaiian Bank now owns 6,466 shares of the biopharmaceutical company’s stock worth $443,000 after acquiring an additional 493 shares during the last quarter. Farallon Capital Management LLC purchased a new stake in shares of Intra-Cellular Therapies in the 1st quarter valued at $15,985,000. Tidal Investments LLC raised its holdings in shares of Intra-Cellular Therapies by 13.9% in the 1st quarter. Tidal Investments LLC now owns 3,698 shares of the biopharmaceutical company’s stock valued at $256,000 after buying an additional 450 shares during the period. Avoro Capital Advisors LLC grew its stake in Intra-Cellular Therapies by 9.7% during the 1st quarter. Avoro Capital Advisors LLC now owns 2,475,000 shares of the biopharmaceutical company’s stock worth $171,270,000 after purchasing an additional 219,445 shares in the last quarter. Finally, Affinity Asset Advisors LLC acquired a new position in Intra-Cellular Therapies during the 1st quarter worth $3,460,000. 92.33% of the stock is currently owned by hedge funds and other institutional investors.

Intra-Cellular Therapies Trading Up 0.8 %

Shares of Intra-Cellular Therapies stock traded up $0.55 during trading on Tuesday, hitting $68.54. 1,396,929 shares of the stock traded hands, compared to its average volume of 1,045,797. The firm has a market cap of $7.24 billion, a P/E ratio of -59.09 and a beta of 1.01. Intra-Cellular Therapies has a 52-week low of $45.50 and a 52-week high of $84.89. The stock’s fifty day simple moving average is $69.15 and its 200 day simple moving average is $69.12.

Intra-Cellular Therapies (NASDAQ:ITCI) last issued its quarterly earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.15. The business had revenue of $144.90 million during the quarter, compared to the consensus estimate of $141.41 million. Intra-Cellular Therapies had a negative return on equity of 18.49% and a negative net margin of 21.57%. The company’s quarterly revenue was up 52.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.46) earnings per share. As a group, equities analysts expect that Intra-Cellular Therapies will post -0.51 EPS 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.