Intra-Cellular Therapies (ITCI) Downgraded by Zacks Investment Research

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Zacks Investment Research cut shares of Intra-Cellular Therapies (NASDAQ:ITCI) from a buy rating to a hold rating in a research note released on Friday morning.

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 also recently issued reports on ITCI. Cantor Fitzgerald restated a buy rating and set a $28.00 price objective on shares of Intra-Cellular Therapies in a research report on Monday, July 23rd. Canaccord Genuity set a $31.00 price objective on Intra-Cellular Therapies and gave the stock a buy rating in a research report on Thursday, August 2nd. ValuEngine upgraded Intra-Cellular Therapies from a hold rating to a buy rating in a research report on Friday, August 3rd. Royal Bank of Canada restated a buy rating and set a $35.00 price objective on shares of Intra-Cellular Therapies in a research report on Friday, August 3rd. Finally, BidaskClub upgraded Intra-Cellular Therapies from a hold rating to a buy rating in a report on Friday, September 28th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $28.25.

Shares of NASDAQ:ITCI traded up $0.07 during trading on Friday, hitting $15.86. 388,806 shares of the stock were exchanged, compared to its average volume of 333,058. The firm has a market capitalization of $867.96 million, a price-to-earnings ratio of -7.48 and a beta of 1.13. Intra-Cellular Therapies has a 12-month low of $14.31 and a 12-month high of $25.82.

Intra-Cellular Therapies (NASDAQ:ITCI) last issued its quarterly earnings data on Wednesday, November 7th. The biopharmaceutical company reported ($0.76) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.85) by $0.09. On average, sell-side analysts expect that Intra-Cellular Therapies will post -3.05 EPS for the current year.

In other Intra-Cellular Therapies news, Director Joel S. Marcus sold 25,000 shares of the business’s stock in a transaction on Friday, November 9th. The stock was sold at an average price of $18.24, for a total value of $456,000.00. Following the completion of the transaction, the director now directly owns 21,671 shares in the company, valued at approximately $395,279.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joel S. Marcus sold 32,000 shares of the business’s stock in a transaction on Monday, November 12th. The shares were sold at an average price of $18.17, for a total transaction of $581,440.00. Following the sale, the director now directly owns 21,671 shares of the company’s stock, valued at $393,762.07. The disclosure for this sale can be found here. Insiders own 17.40% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. MetLife Investment Advisors LLC grew its stake in shares of Intra-Cellular Therapies by 55.8% during the 3rd quarter. MetLife Investment Advisors LLC now owns 30,540 shares of the biopharmaceutical company’s stock valued at $663,000 after buying an additional 10,934 shares during the period. Point72 Asset Management L.P. grew its stake in shares of Intra-Cellular Therapies by 234.2% during the 3rd quarter. Point72 Asset Management L.P. now owns 634,466 shares of the biopharmaceutical company’s stock valued at $13,768,000 after buying an additional 444,609 shares during the period. Tekla Capital Management LLC purchased a new stake in shares of Intra-Cellular Therapies during the 3rd quarter valued at $756,000. Hsbc Holdings PLC boosted its position in Intra-Cellular Therapies by 318.1% during the 3rd quarter. Hsbc Holdings PLC now owns 48,357 shares of the biopharmaceutical company’s stock worth $1,049,000 after purchasing an additional 36,791 shares during the period. Finally, Franklin Resources Inc. purchased a new stake in Intra-Cellular Therapies during the 3rd quarter worth $10,700,000. 70.92% of the stock is owned by institutional investors.

About Intra-Cellular Therapies

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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