Intra-Cellular Therapies (NASDAQ:ITCI) Hits New 1-Year High – Here’s What Happened

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) shares hit a new 52-week high during trading on Friday . The company traded as high as $97.41 and last traded at $95.93, with a volume of 480957 shares trading hands. The stock had previously closed at $82.56.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $100.00 target price on shares of Intra-Cellular Therapies in a research report on Wednesday, October 30th. Royal Bank of Canada boosted their target price on shares of Intra-Cellular Therapies from $106.00 to $108.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Morgan Stanley lifted their price objective on shares of Intra-Cellular Therapies from $92.00 to $95.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. JPMorgan Chase & Co. increased their target price on shares of Intra-Cellular Therapies from $81.00 to $89.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $130.00 price target on shares of Intra-Cellular Therapies in a research report on Monday, September 16th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $97.23.

Intra-Cellular Therapies Stock Performance

The stock has a market capitalization of $10.15 billion, a price-to-earnings ratio of -110.08 and a beta of 0.70. The company’s 50 day moving average is $85.40 and its 200 day moving average is $78.64.

Intra-Cellular Therapies (NASDAQ:ITCI) last issued its quarterly earnings results on Wednesday, October 30th. The biopharmaceutical company reported ($0.25) earnings per share 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 prior year, the business earned ($0.25) EPS. The business’s revenue for the quarter was up 39.0% on a year-over-year basis. On average, equities research analysts anticipate that Intra-Cellular Therapies, Inc. will post -0.64 earnings per share for the current fiscal year.

Insider Transactions at Intra-Cellular Therapies

In other Intra-Cellular Therapies news, President Michael Halstead sold 22,869 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $89.12, for a total value of $2,038,085.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sharon Mates sold 51,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 1,070,329 shares of the company’s stock, valued at approximately $91,834,228.20. This trade represents a 4.55 % decrease in their position. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Barclays PLC increased its stake in shares of Intra-Cellular Therapies by 282.0% during the 3rd quarter. Barclays PLC now owns 34,453 shares of the biopharmaceutical company’s stock worth $2,521,000 after purchasing an additional 25,435 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in Intra-Cellular Therapies by 31.9% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 454,538 shares of the biopharmaceutical company’s stock worth $33,258,000 after purchasing an additional 109,892 shares during the period. Principal Financial Group Inc. increased its position in Intra-Cellular Therapies by 3.3% during the third quarter. Principal Financial Group Inc. now owns 597,713 shares of the biopharmaceutical company’s stock worth $43,735,000 after buying an additional 18,865 shares during the last quarter. TimesSquare Capital Management LLC raised its stake in Intra-Cellular Therapies by 6.5% in the third quarter. TimesSquare Capital Management LLC now owns 438,083 shares of the biopharmaceutical company’s stock valued at $32,055,000 after buying an additional 26,600 shares during the period. Finally, Cynosure Group LLC raised its stake in Intra-Cellular Therapies by 161.0% in the third quarter. Cynosure Group LLC now owns 14,442 shares of the biopharmaceutical company’s stock valued at $1,057,000 after buying an additional 8,909 shares during the period. 92.33% of the stock is owned by institutional investors and hedge funds.

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.