Cantor Fitzgerald Reaffirms Buy Rating for Intra-Cellular Therapies (ITCI)

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Cantor Fitzgerald restated their buy rating on shares of Intra-Cellular Therapies (NASDAQ:ITCI) in a research report sent to investors on Wednesday morning. Cantor Fitzgerald currently has a $32.00 price objective on the biopharmaceutical company’s stock.

“We reiterate our Overweight rating and price target of $32. On Wednesday, BMO Intra-Cellular reported 3Q18 financial performance ending the period with cash of $376M. Our model projects sufficient funding through several clinical milestones including NDA acceptance/approval of lumateperone for schizophrenia and P3 data in bipolar depression (two trials, now expected in 1H19). The key questions on the earnings call, which we view as resulting in a market inefficiency, centered on the data analysis and release of the P3 401 & 404 studies of luma’ in BpD. First, we don’t expect the efficacy data for the two studies to be pooled; but analyzed separately at the same time.”,” Cantor Fitzgerald’s analyst wrote.

ITCI has been the subject of a number of other reports. Canaccord Genuity set a $31.00 target price on Intra-Cellular Therapies and gave the stock a buy rating in a research note on Thursday, August 2nd. BidaskClub raised Intra-Cellular Therapies from a hold rating to a buy rating in a research note on Friday, September 28th. Zacks Investment Research cut Intra-Cellular Therapies from a buy rating to a hold rating in a report on Wednesday, October 24th. Royal Bank of Canada reiterated a buy rating and set a $35.00 price target on shares of Intra-Cellular Therapies in a report on Friday, August 3rd. Finally, ValuEngine upgraded Intra-Cellular Therapies from a hold rating to a buy rating in a report on Friday, August 3rd. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Intra-Cellular Therapies has an average rating of Buy and an average price target of $28.00.

Shares of ITCI traded down $1.69 during midday trading on Wednesday, reaching $18.09. The company had a trading volume of 318,317 shares, compared to its average volume of 306,879. Intra-Cellular Therapies has a 1-year low of $14.30 and a 1-year high of $25.82. The company has a market capitalization of $1.06 billion, a PE ratio of -8.53 and a beta of 1.13.

Intra-Cellular Therapies (NASDAQ:ITCI) last issued its earnings results on Wednesday, November 7th. The biopharmaceutical company reported ($0.76) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.85) by $0.09. On average, equities analysts expect that Intra-Cellular Therapies will post -3.15 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. grew its holdings in shares of Intra-Cellular Therapies by 3.5% during the 3rd quarter. BlackRock Inc. now owns 3,928,310 shares of the biopharmaceutical company’s stock worth $85,243,000 after purchasing an additional 133,324 shares during the period. Wasatch Advisors Inc. boosted its holdings in Intra-Cellular Therapies by 1.0% during the 3rd quarter. Wasatch Advisors Inc. now owns 1,928,018 shares of the biopharmaceutical company’s stock valued at $41,838,000 after acquiring an additional 19,787 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Intra-Cellular Therapies by 13.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,356,720 shares of the biopharmaceutical company’s stock valued at $23,974,000 after acquiring an additional 159,860 shares during the period. Schroder Investment Management Group purchased a new position in Intra-Cellular Therapies during the 2nd quarter valued at about $21,222,000. Finally, Candriam Luxembourg S.C.A. boosted its holdings in Intra-Cellular Therapies by 131.2% during the 3rd quarter. Candriam Luxembourg S.C.A. now owns 548,000 shares of the biopharmaceutical company’s stock valued at $11,892,000 after acquiring an additional 311,000 shares during the period. Institutional investors and hedge funds own 70.87% of the company’s stock.

Intra-Cellular Therapies Company Profile

Intra-Cellular Therapies, Inc, a biopharmaceutical company, engages in developing novel drugs for the treatment of neuropsychiatric and neurodegenerative diseases. The company is developing its lead drug candidate, lumateperone, known as ITI-007, for the treatment of schizophrenia, bipolar disorder, behavioral disturbances in patients with dementia, and other neuropsychiatric and neurological disorders.

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

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