Intra-Cellular Therapies (NASDAQ:ITCI) Sets New 1-Year High – Here’s Why

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) shares hit a new 52-week high on Thursday . The stock traded as high as $128.03 and last traded at $128.02, with a volume of 240208 shares trading hands. The stock had previously closed at $127.97.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ITCI. Canaccord Genuity Group lowered shares of Intra-Cellular Therapies from a “buy” rating to a “hold” rating and raised their price objective for the company from $119.00 to $132.00 in a research report on Friday, January 31st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $132.00 price objective (up previously from $108.00) on shares of Intra-Cellular Therapies in a research report on Wednesday, January 22nd. Needham & Company LLC reissued a “hold” rating and issued a $100.00 price target on shares of Intra-Cellular Therapies in a research report on Monday, January 13th. Leerink Partnrs cut shares of Intra-Cellular Therapies from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 13th. Finally, JPMorgan Chase & Co. raised 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 note on Monday, November 4th. Nine analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $103.62.

Intra-Cellular Therapies Price Performance

The firm has a market cap of $13.61 billion, a P/E ratio of -147.20 and a beta of 0.72. The company’s 50 day moving average is $104.06 and its two-hundred day moving average is $87.27.

Insider Transactions at Intra-Cellular Therapies

In other news, CEO Sharon Mates sold 51,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $85.80, for a total transaction of $4,375,800.00. 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 $91,834,228.20. This trade represents a 4.55 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.60% of the stock is owned by insiders.

Institutional Trading of Intra-Cellular Therapies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ITCI. CWM LLC increased its stake in Intra-Cellular Therapies by 867.5% in the third quarter. CWM LLC now owns 13,274 shares of the biopharmaceutical company’s stock valued at $971,000 after acquiring an additional 11,902 shares during the period. Inspire Investing LLC increased its stake in Intra-Cellular Therapies by 10.4% in the third quarter. Inspire Investing LLC now owns 5,606 shares of the biopharmaceutical company’s stock valued at $410,000 after acquiring an additional 528 shares during the period. nVerses Capital LLC bought a new stake in Intra-Cellular Therapies in the third quarter valued at about $285,000. Raymond James & Associates increased its stake in Intra-Cellular Therapies by 2.8% in the third quarter. Raymond James & Associates now owns 158,852 shares of the biopharmaceutical company’s stock valued at $11,623,000 after acquiring an additional 4,325 shares during the period. Finally, Cetera Trust Company N.A increased its stake in Intra-Cellular Therapies by 24.8% in the third quarter. Cetera Trust Company N.A now owns 2,520 shares of the biopharmaceutical company’s stock valued at $184,000 after acquiring an additional 500 shares during the period. 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.