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

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) saw a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 2,420,000 shares, a drop of 6.6% from the September 30th total of 2,590,000 shares. Based on an average trading volume of 539,200 shares, the days-to-cover ratio is currently 4.5 days.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Royal Bank of Canada raised their target price on Intra-Cellular Therapies from $106.00 to $108.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. JPMorgan Chase & Co. raised their target price on Intra-Cellular Therapies from $79.00 to $81.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Piper Sandler upgraded Intra-Cellular Therapies from a “neutral” rating to an “overweight” rating and raised their target price for the company from $68.00 to $92.00 in a research note on Friday, September 6th. Morgan Stanley raised their target price on Intra-Cellular Therapies from $92.00 to $95.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Finally, Needham & Company LLC restated a “buy” rating and issued a $100.00 target price on shares of Intra-Cellular Therapies in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.62.

Intra-Cellular Therapies Trading Up 11.4 %

Shares of ITCI opened at $85.47 on Thursday. Intra-Cellular Therapies has a 1 year low of $46.10 and a 1 year high of $88.00. The stock has a market cap of $9.02 billion, a P/E ratio of -73.68 and a beta of 1.00. The stock’s 50-day moving average price is $74.73 and its two-hundred day moving average price is $73.04.

Intra-Cellular Therapies (NASDAQ:ITCI) last issued 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 return on equity of 11.48% and a negative net margin of 14.93%. The company had revenue of $175.40 million for the quarter, compared to the consensus estimate of $172.30 million. During the same quarter last year, the business posted ($0.25) EPS. Intra-Cellular Therapies’s quarterly revenue was up 39.0% on a year-over-year basis. As a group, equities analysts forecast that Intra-Cellular Therapies will post -0.6 EPS for the current year.

Insider Buying and Selling at Intra-Cellular Therapies

In other Intra-Cellular Therapies news, CEO Sharon Mates sold 53,013 shares of Intra-Cellular Therapies stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $75.65, for a total transaction of $4,010,433.45. Following the completion of the transaction, the chief executive officer now directly owns 1,070,329 shares of the company’s stock, valued at approximately $80,970,388.85. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Intra-Cellular Therapies news, EVP Mark Neumann sold 18,714 shares of Intra-Cellular Therapies stock in a transaction on Friday, August 16th. The stock was sold at an average price of $75.08, for a total transaction of $1,405,047.12. Following the completion of the transaction, the executive vice president now directly owns 29,700 shares of the company’s stock, valued at approximately $2,229,876. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sharon Mates sold 53,013 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $75.65, for a total value of $4,010,433.45. Following the completion of the sale, the chief executive officer now owns 1,070,329 shares of the company’s stock, valued at approximately $80,970,388.85. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 175,316 shares of company stock valued at $13,037,345. 3.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Intra-Cellular Therapies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ITCI. Perceptive Advisors LLC boosted its holdings in Intra-Cellular Therapies by 62.6% during the second quarter. Perceptive Advisors LLC now owns 1,716,407 shares of the biopharmaceutical company’s stock worth $117,557,000 after buying an additional 661,052 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Intra-Cellular Therapies by 214.5% during the 2nd quarter. Millennium Management LLC now owns 889,102 shares of the biopharmaceutical company’s stock valued at $60,895,000 after purchasing an additional 606,358 shares in the last quarter. Avoro Capital Advisors LLC lifted its holdings in shares of Intra-Cellular Therapies by 21.2% during the 2nd quarter. Avoro Capital Advisors LLC now owns 3,000,000 shares of the biopharmaceutical company’s stock valued at $205,470,000 after purchasing an additional 525,000 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Intra-Cellular Therapies during the 2nd quarter valued at about $34,178,000. Finally, Hood River Capital Management LLC bought a new position in shares of Intra-Cellular Therapies during the 2nd quarter valued at about $33,390,000. Institutional investors own 92.33% of the company’s stock.

About Intra-Cellular Therapies

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.