Avoro Capital Advisors LLC Raises Stake in Intra-Cellular Therapies, Inc. (NASDAQ:ITCI)

Avoro Capital Advisors LLC lifted its stake in shares of Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) by 21.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,000,000 shares of the biopharmaceutical company’s stock after acquiring an additional 525,000 shares during the period. Intra-Cellular Therapies accounts for approximately 2.7% of Avoro Capital Advisors LLC’s portfolio, making the stock its 15th biggest position. Avoro Capital Advisors LLC’s holdings in Intra-Cellular Therapies were worth $205,470,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sei Investments Co. raised its position in shares of Intra-Cellular Therapies by 25.1% during the 2nd quarter. Sei Investments Co. now owns 160,487 shares of the biopharmaceutical company’s stock valued at $10,992,000 after buying an additional 32,176 shares during the period. Skandinaviska Enskilda Banken AB publ increased its stake in Intra-Cellular Therapies by 99.0% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 259,121 shares of the biopharmaceutical company’s stock worth $17,742,000 after acquiring an additional 128,908 shares during the last quarter. DCF Advisers LLC raised its position in Intra-Cellular Therapies by 3.8% in the second quarter. DCF Advisers LLC now owns 100,507 shares of the biopharmaceutical company’s stock valued at $6,884,000 after purchasing an additional 3,650 shares during the period. Simplify Asset Management Inc. purchased a new stake in Intra-Cellular Therapies in the 2nd quarter valued at about $1,270,000. Finally, XTX Topco Ltd purchased a new position in Intra-Cellular Therapies during the second quarter worth about $1,385,000. Institutional investors and hedge funds own 92.33% of the company’s stock.

Wall Street Analysts Forecast Growth

ITCI has been the topic of several recent analyst reports. Piper Sandler upgraded shares of Intra-Cellular Therapies from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $68.00 to $92.00 in a report on Friday, September 6th. Royal Bank of Canada cut their target price on Intra-Cellular Therapies from $107.00 to $106.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. JPMorgan Chase & Co. raised their price target on Intra-Cellular Therapies from $79.00 to $81.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Canaccord Genuity Group boosted their price objective on Intra-Cellular Therapies from $107.00 to $113.00 and gave the company a “buy” rating in a report on Thursday, June 20th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $130.00 target price on shares of Intra-Cellular Therapies in a report on Monday, September 16th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $96.58.

Intra-Cellular Therapies Stock Performance

Shares of ITCI opened at $77.61 on Monday. Intra-Cellular Therapies, Inc. has a 1 year low of $45.50 and a 1 year high of $84.89. The stock has a market capitalization of $8.19 billion, a PE ratio of -66.91 and a beta of 1.00. The stock has a 50-day simple moving average of $75.67 and a 200-day simple moving average of $71.51.

Intra-Cellular Therapies (NASDAQ:ITCI) last issued its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.03. Intra-Cellular Therapies had a negative net margin of 14.93% and a negative return on equity of 11.48%. The company had revenue of $161.40 million during the quarter, compared to the consensus estimate of $157.74 million. During the same quarter in the previous year, the firm earned ($0.45) earnings per share. The firm’s quarterly revenue was up 45.7% on a year-over-year basis. Analysts predict that Intra-Cellular Therapies, Inc. will post -0.59 EPS for the current year.

Insider Transactions at Intra-Cellular Therapies

In related news, CEO Sharon Mates sold 53,013 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $75.65, for a total value of $4,010,433.45. Following the transaction, the chief executive officer now owns 1,070,329 shares of the company’s stock, valued at $80,970,388.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Sharon Mates sold 53,013 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $75.65, for a total transaction of $4,010,433.45. 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 $80,970,388.85. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Mark Neumann sold 18,714 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $75.08, for a total value of $1,405,047.12. Following the completion of the transaction, the executive vice president now owns 29,700 shares in the company, valued at approximately $2,229,876. The disclosure for this sale can be found here. In the last three months, insiders sold 175,316 shares of company stock valued at $13,037,345. Insiders own 3.40% 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.