Intra-Cellular Therapies (NASDAQ:ITCI) Hits New 52-Week High – Here’s Why

Shares of Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $131.35 and last traded at $131.28, with a volume of 7155386 shares changing hands. The stock had previously closed at $128.20.

Analyst Ratings Changes

ITCI has been the subject of a number of analyst reports. Canaccord Genuity Group downgraded Intra-Cellular Therapies from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $119.00 to $132.00 in a research report on Friday, January 31st. Mizuho downgraded shares of Intra-Cellular Therapies from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $140.00 to $132.00 in a research note on Monday, February 24th. Needham & Company LLC reissued a “hold” rating on shares of Intra-Cellular Therapies in a research report on Friday, February 21st. Baird R W lowered shares of Intra-Cellular Therapies from a “strong-buy” rating to a “hold” rating in a report on Monday, January 13th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $132.00 target price (up previously from $108.00) on shares of Intra-Cellular Therapies in a research note on Wednesday, January 22nd. Ten investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Intra-Cellular Therapies presently has a consensus rating of “Hold” and a consensus target price of $106.08.

Intra-Cellular Therapies Trading Up 2.4 %

The firm has a market capitalization of $13.96 billion, a PE ratio of -150.89 and a beta of 0.72. The company has a fifty day moving average price of $115.52 and a two-hundred day moving average price of $92.12.

Intra-Cellular Therapies (NASDAQ:ITCI) last issued its quarterly earnings data on Friday, February 21st. The biopharmaceutical company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.08). The firm had revenue of $199.22 million during the quarter, compared to analysts’ expectations of $205.08 million. Intra-Cellular Therapies had a negative net margin of 14.07% and a negative return on equity of 9.93%. As a group, equities research analysts predict that Intra-Cellular Therapies, Inc. will post -0.64 earnings per share for the current year.

Insider Buying and Selling

In other Intra-Cellular Therapies news, CEO Sharon Mates sold 51,000 shares of Intra-Cellular Therapies stock in a transaction on Wednesday, December 4th. The shares were 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 in the company, valued at approximately $91,834,228.20. The trade was a 4.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Intra-Cellular Therapies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Accredited Wealth Management LLC acquired a new stake in Intra-Cellular Therapies during the 4th quarter worth approximately $28,000. True Wealth Design LLC purchased a new stake in shares of Intra-Cellular Therapies during the third quarter worth approximately $32,000. GAMMA Investing LLC lifted its holdings in shares of Intra-Cellular Therapies by 46.3% during the fourth quarter. GAMMA Investing LLC now owns 758 shares of the biopharmaceutical company’s stock worth $63,000 after purchasing an additional 240 shares during the period. Capital Performance Advisors LLP acquired a new stake in shares of Intra-Cellular Therapies during the third quarter worth $74,000. Finally, Venturi Wealth Management LLC purchased a new position in Intra-Cellular Therapies in the 4th quarter valued at $96,000. Hedge funds and other 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.