Intra-Cellular Therapies (NASDAQ:ITCI) Shares Gap Up – Here’s What Happened

Shares of Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) gapped up before the market opened on Monday . The stock had previously closed at $94.87, but opened at $127.95. Intra-Cellular Therapies shares last traded at $126.98, with a volume of 9,146,297 shares trading hands.

Wall Street Analyst Weigh In

ITCI has been the topic of several analyst reports. Morgan Stanley boosted their price objective on shares of Intra-Cellular Therapies from $92.00 to $95.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Needham & Company LLC reiterated a “hold” rating and issued a $100.00 price target on shares of Intra-Cellular Therapies in a research report on Monday. Cantor Fitzgerald restated an “overweight” rating and set a $130.00 price objective on shares of Intra-Cellular Therapies in a research report on Monday, September 16th. Royal Bank of Canada upped their target price on Intra-Cellular Therapies from $106.00 to $108.00 and gave the company an “outperform” rating in a report on Friday, October 4th. Finally, JPMorgan Chase & Co. increased their target price on shares of Intra-Cellular Therapies from $81.00 to $89.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Intra-Cellular Therapies currently has an average rating of “Moderate Buy” and a consensus target price of $97.23.

Intra-Cellular Therapies Stock Up 34.4 %

The firm has a market capitalization of $13.52 billion, a P/E ratio of -146.61 and a beta of 0.70. The company’s 50 day moving average is $85.57 and its 200-day moving average is $78.87.

Intra-Cellular Therapies (NASDAQ:ITCI) last released its quarterly earnings data 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 9.93% and a negative net margin of 14.07%. The company had revenue of $175.40 million for the quarter, compared to the consensus estimate of $172.30 million. During the same period last year, the company earned ($0.25) EPS. Intra-Cellular Therapies’s revenue for the quarter was up 39.0% compared to the same quarter last year. On average, analysts predict that Intra-Cellular Therapies, Inc. will post -0.64 EPS for the current fiscal year.

Insider Buying and Selling at Intra-Cellular Therapies

In other Intra-Cellular Therapies news, CEO Sharon Mates sold 51,000 shares of the business’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 transaction of $4,375,800.00. Following the completion of the sale, the chief executive officer now directly owns 1,070,329 shares of the company’s stock, valued at approximately $91,834,228.20. The trade was a 4.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Michael Halstead sold 22,869 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $89.12, for a total value of $2,038,085.28. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Intra-Cellular Therapies

Institutional investors have recently bought and sold shares of the stock. Barclays PLC boosted its holdings in 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 acquiring an additional 25,435 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of Intra-Cellular Therapies by 31.9% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 454,538 shares of the biopharmaceutical company’s stock worth $33,258,000 after buying an additional 109,892 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Intra-Cellular Therapies by 3.3% in the 3rd 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 grew its stake in Intra-Cellular Therapies by 6.5% in the 3rd quarter. TimesSquare Capital Management LLC now owns 438,083 shares of the biopharmaceutical company’s stock valued at $32,055,000 after purchasing an additional 26,600 shares during the period. Finally, Cynosure Group LLC increased its position in shares of Intra-Cellular Therapies by 161.0% during the 3rd quarter. Cynosure Group LLC now owns 14,442 shares of the biopharmaceutical company’s stock valued at $1,057,000 after purchasing an additional 8,909 shares during the last quarter. 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.