Intra-Cellular Therapies (NASDAQ:ITCI) Downgraded to Hold Rating by Canaccord Genuity Group

Canaccord Genuity Group lowered shares of Intra-Cellular Therapies (NASDAQ:ITCI) from a buy rating to a hold rating in a report released on Friday, MarketBeat reports. Canaccord Genuity Group currently has $132.00 price target on the biopharmaceutical company’s stock, up from their prior price target of $119.00.

Other equities analysts also recently issued research reports about the stock. StockNews.com began coverage on shares of Intra-Cellular Therapies in a research report on Friday. They set a “hold” rating for the company. Baird R W downgraded shares of Intra-Cellular Therapies from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 13th. Cantor Fitzgerald upgraded Intra-Cellular Therapies from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 14th. Leerink Partnrs cut Intra-Cellular Therapies from a “strong-buy” rating to a “hold” rating in a report on Monday, January 13th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $132.00 target price (up previously from $108.00) on shares of Intra-Cellular Therapies in a report on Wednesday, January 22nd. Nine investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $103.62.

Intra-Cellular Therapies Price Performance

NASDAQ ITCI opened at $127.08 on Friday. Intra-Cellular Therapies has a 52-week low of $62.78 and a 52-week high of $128.00. The business’s 50-day moving average price is $97.45 and its 200 day moving average price is $84.45.

Intra-Cellular Therapies (NASDAQ:ITCI) last released its earnings results on Wednesday, October 30th. The biopharmaceutical company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.07). Intra-Cellular Therapies had a negative net margin of 14.07% and a negative return on equity of 9.93%. The company had revenue of $175.40 million during the quarter, compared to analyst estimates of $172.30 million. During the same period in the previous year, the firm posted ($0.25) EPS. The company’s revenue for the quarter was up 39.0% on a year-over-year basis. On average, equities analysts forecast that Intra-Cellular Therapies will post -0.64 EPS for the current year.

Insider Activity at Intra-Cellular Therapies

In other news, CEO Sharon Mates sold 51,000 shares of Intra-Cellular Therapies stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $85.80, for a total value of $4,375,800.00. Following the completion of the sale, the chief executive officer now owns 1,070,329 shares of the company’s stock, valued at $91,834,228.20. The trade was a 4.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Michael Halstead sold 22,869 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $89.12, for a total value of $2,038,085.28. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Intra-Cellular Therapies

A number of institutional investors have recently bought and sold shares of the stock. Eagle Asset Management Inc. boosted its holdings in shares of Intra-Cellular Therapies by 130.5% in the 3rd quarter. Eagle Asset Management Inc. now owns 624,759 shares of the biopharmaceutical company’s stock valued at $45,714,000 after purchasing an additional 353,723 shares during the last quarter. Franklin Resources Inc. grew its position in Intra-Cellular Therapies by 9.7% during the third quarter. Franklin Resources Inc. now owns 1,753,286 shares of the biopharmaceutical company’s stock valued at $129,463,000 after acquiring an additional 155,655 shares during the period. Wasatch Advisors LP increased its stake in Intra-Cellular Therapies by 3.5% during the third quarter. Wasatch Advisors LP now owns 3,848,588 shares of the biopharmaceutical company’s stock worth $281,601,000 after acquiring an additional 130,351 shares during the last quarter. M&G PLC purchased a new position in shares of Intra-Cellular Therapies in the 3rd quarter worth about $9,076,000. Finally, Westfield Capital Management Co. LP lifted its stake in shares of Intra-Cellular Therapies by 11.2% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,159,356 shares of the biopharmaceutical company’s stock valued at $84,830,000 after purchasing an additional 116,494 shares in the last quarter. 92.33% 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, 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.