Intra-Cellular Therapies (NASDAQ:ITCI) Reaches New 52-Week High – Here’s What Happened

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) shares 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. The stock had previously closed at $128.20.

Wall Street Analysts Forecast Growth

ITCI has been the topic of a number of research analyst reports. StockNews.com initiated coverage on shares of Intra-Cellular Therapies in a report on Tuesday. They issued a “hold” rating on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $132.00 price target (up from $108.00) on shares of Intra-Cellular Therapies in a report on Wednesday, January 22nd. Canaccord Genuity Group downgraded shares of Intra-Cellular Therapies from a “buy” rating to a “hold” rating and boosted their price target for the stock from $119.00 to $132.00 in a report on Friday, January 31st. Needham & Company LLC reissued a “hold” rating on shares of Intra-Cellular Therapies in a report on Friday, February 21st. Finally, Baird R W downgraded shares of Intra-Cellular Therapies from a “strong-buy” rating to a “hold” rating in a report on Monday, January 13th. Ten analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Intra-Cellular Therapies presently has an average rating of “Hold” and an average price target of $106.08.

Intra-Cellular Therapies Stock Performance

The stock has a 50 day moving average of $117.36 and a 200-day moving average of $92.79. The firm has a market capitalization of $13.95 billion, a P/E ratio of -150.79 and a beta of 0.72.

Intra-Cellular Therapies (NASDAQ:ITCI) last announced its quarterly earnings results on Friday, February 21st. The biopharmaceutical company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.08). 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 $199.22 million for the quarter, compared to the consensus estimate of $205.08 million. As a group, sell-side analysts expect that Intra-Cellular Therapies, Inc. will post -0.64 EPS for the current year.

Institutional Investors Weigh In On Intra-Cellular Therapies

Several hedge funds and other institutional investors have recently modified their holdings of ITCI. Norges Bank bought a new stake in shares of Intra-Cellular Therapies during the fourth quarter valued at about $268,347,000. Raymond James Financial Inc. bought a new stake in shares of Intra-Cellular Therapies during the fourth quarter valued at about $76,451,000. Adage Capital Partners GP L.L.C. increased its position in shares of Intra-Cellular Therapies by 266.5% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 678,000 shares of the biopharmaceutical company’s stock valued at $56,627,000 after buying an additional 493,000 shares during the period. TimesSquare Capital Management LLC increased its position in shares of Intra-Cellular Therapies by 91.8% during the fourth quarter. TimesSquare Capital Management LLC now owns 840,269 shares of the biopharmaceutical company’s stock valued at $70,179,000 after buying an additional 402,186 shares during the period. Finally, Deep Track Capital LP grew its holdings in shares of Intra-Cellular Therapies by 24.9% during the fourth quarter. Deep Track Capital LP now owns 2,000,000 shares of the biopharmaceutical company’s stock worth $167,040,000 after purchasing an additional 399,307 shares in the last quarter. 92.33% of the stock is currently owned by institutional investors.

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.