Zacks Investment Research Downgrades Intra-Cellular Therapies (NASDAQ:ITCI) to Hold

Intra-Cellular Therapies (NASDAQ:ITCI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports.

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. “

A number of other analysts also recently commented on the company. Canaccord Genuity raised their price objective on Intra-Cellular Therapies from $29.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, December 23rd. BidaskClub downgraded Intra-Cellular Therapies from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, January 7th. ValuEngine downgraded Intra-Cellular Therapies from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. Finally, BTIG Research raised their price objective on Intra-Cellular Therapies from $34.00 to $73.00 and gave the stock a “buy” rating in a research report on Monday, December 23rd. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $36.25.

Shares of NASDAQ:ITCI traded down $0.10 during trading on Tuesday, reaching $26.69. 26,160 shares of the company traded hands, compared to its average volume of 6,497,823. The firm has a fifty day simple moving average of $20.98 and a 200 day simple moving average of $12.28. The company has a quick ratio of 7.77, a current ratio of 7.77 and a debt-to-equity ratio of 0.09. Intra-Cellular Therapies has a 1-year low of $6.75 and a 1-year high of $43.56. The firm has a market cap of $1.49 billion, a P/E ratio of -9.40 and a beta of 1.96.

Intra-Cellular Therapies (NASDAQ:ITCI) last posted its quarterly earnings results on Tuesday, November 5th. The biopharmaceutical company reported ($0.63) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.80) by $0.17. As a group, research analysts anticipate that Intra-Cellular Therapies will post -2.78 EPS for the current year.

In other Intra-Cellular Therapies news, EVP Andrew Satlin sold 11,573 shares of the business’s stock in a transaction dated Thursday, January 9th. The shares were sold at an average price of $26.16, for a total value of $302,749.68. Following the completion of the transaction, the executive vice president now directly owns 22,911 shares of the company’s stock, valued at $599,351.76. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Sharon Mates sold 45,598 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $30.28, for a total transaction of $1,380,707.44. Following the completion of the transaction, the chief executive officer now directly owns 1,182,366 shares of the company’s stock, valued at $35,802,042.48. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 165,447 shares of company stock valued at $4,764,538. Insiders own 18.20% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in ITCI. Schroder Investment Management Group raised its stake in shares of Intra-Cellular Therapies by 5.6% in the second quarter. Schroder Investment Management Group now owns 1,430,469 shares of the biopharmaceutical company’s stock worth $18,567,000 after acquiring an additional 75,757 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Intra-Cellular Therapies by 59.5% during the second quarter. Russell Investments Group Ltd. now owns 17,700 shares of the biopharmaceutical company’s stock worth $230,000 after buying an additional 6,600 shares during the last quarter. Bank of Montreal Can lifted its holdings in Intra-Cellular Therapies by 114.4% in the second quarter. Bank of Montreal Can now owns 7,067 shares of the biopharmaceutical company’s stock valued at $92,000 after buying an additional 3,771 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Intra-Cellular Therapies by 1.5% in the second quarter. Charles Schwab Investment Management Inc. now owns 271,280 shares of the biopharmaceutical company’s stock valued at $3,522,000 after acquiring an additional 3,940 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Intra-Cellular Therapies by 1.6% in the second quarter. Northern Trust Corp now owns 560,601 shares of the biopharmaceutical company’s stock valued at $7,277,000 after acquiring an additional 8,564 shares during the last quarter. 71.37% 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 disorders. The company is developing its lead drug candidate, lumateperone for the treatment of schizophrenia, bipolar disorder, behavioral disturbances associated with dementia, autism, and other CNS diseases.

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

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