Intra-Cellular Therapies (NASDAQ:ITCI) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Intra-Cellular Therapies (NASDAQ:ITCI) from a buy rating to a hold rating in a research note published on Thursday morning, 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. “

Several other analysts also recently issued reports on ITCI. Cowen reissued a buy rating and set a $28.00 target price on shares of Intra-Cellular Therapies in a research note on Monday, July 8th. ValuEngine raised shares of XCel Brands from a sell rating to a hold rating in a research note on Tuesday, July 9th. BidaskClub downgraded shares of Vertex Pharmaceuticals from a buy rating to a hold rating in a research note on Tuesday, July 9th. Finally, Cantor Fitzgerald reissued an overweight rating and set a $29.00 target price (up from $26.00) on shares of Intra-Cellular Therapies in a research note on Thursday, May 23rd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $27.50.

Shares of NASDAQ:ITCI opened at $11.82 on Thursday. Intra-Cellular Therapies has a one year low of $10.09 and a one year high of $23.62. The firm’s fifty day moving average is $12.44. The company has a debt-to-equity ratio of 0.07, a current ratio of 9.59 and a quick ratio of 9.59.

Intra-Cellular Therapies (NASDAQ:ITCI) last announced its earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.90) by $0.27. On average, equities research analysts expect that Intra-Cellular Therapies will post -3.83 EPS for the current year.

In related news, Director Christopher D. Alafi purchased 170,000 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were acquired at an average cost of $11.73 per share, with a total value of $1,994,100.00. Following the completion of the purchase, the director now owns 750,106 shares of the company’s stock, valued at approximately $8,798,743.38. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christopher D. Alafi purchased 100,000 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was bought at an average cost of $12.56 per share, for a total transaction of $1,256,000.00. Following the completion of the purchase, the director now directly owns 750,106 shares of the company’s stock, valued at approximately $9,421,331.36. The disclosure for this purchase can be found here. Corporate insiders own 18.20% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Wasatch Advisors Inc. increased its position in Intra-Cellular Therapies by 19.0% during the first quarter. Wasatch Advisors Inc. now owns 2,361,619 shares of the biopharmaceutical company’s stock worth $28,765,000 after buying an additional 377,561 shares during the last quarter. Norges Bank acquired a new position in Intra-Cellular Therapies during the fourth quarter worth $3,759,000. General American Investors Co. Inc. acquired a new position in Intra-Cellular Therapies during the fourth quarter worth $3,416,000. Rhenman & Partners Asset Management AB increased its position in Intra-Cellular Therapies by 43.9% during the first quarter. Rhenman & Partners Asset Management AB now owns 949,833 shares of the biopharmaceutical company’s stock worth $11,569,000 after buying an additional 289,851 shares during the last quarter. Finally, Two Sigma Investments LP acquired a new position in Intra-Cellular Therapies during the fourth quarter worth $2,194,000. 69.12% of the stock is currently owned by institutional investors and hedge funds.

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.

See Also: Leveraged Buyout (LBO)

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