Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) Short Interest Update

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) saw a large increase in short interest during the month of September. As of September 15th, there was short interest totalling 2,570,000 shares, an increase of 5.8% from the August 31st total of 2,430,000 shares. Based on an average daily volume of 906,000 shares, the short-interest ratio is presently 2.8 days.

Analyst Upgrades and Downgrades

ITCI has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $100.00 price objective on shares of Intra-Cellular Therapies in a report on Wednesday, August 7th. The Goldman Sachs Group dropped their price objective on shares of Intra-Cellular Therapies from $77.00 to $74.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Piper Sandler raised shares of Intra-Cellular Therapies from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $68.00 to $92.00 in a report on Friday, September 6th. UBS Group dropped their price objective on shares of Intra-Cellular Therapies from $83.00 to $79.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Finally, Canaccord Genuity Group lifted their price objective on shares of Intra-Cellular Therapies from $107.00 to $113.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $96.58.

Intra-Cellular Therapies Stock Performance

Shares of NASDAQ ITCI traded down $0.13 during midday trading on Monday, hitting $73.17. 356,286 shares of the company traded hands, compared to its average volume of 906,438. Intra-Cellular Therapies has a 12-month low of $45.50 and a 12-month high of $84.89. The stock has a 50-day moving average price of $75.44 and a 200 day moving average price of $71.82. The firm has a market cap of $7.72 billion, a P/E ratio of -63.08 and a beta of 1.00.

Intra-Cellular Therapies (NASDAQ:ITCI) last announced its quarterly earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $157.74 million. During the same quarter in the previous year, the company earned ($0.45) earnings per share. Intra-Cellular Therapies’s quarterly revenue was up 45.7% on a year-over-year basis. As a group, equities analysts expect that Intra-Cellular Therapies will post -0.59 earnings per share for the current year.

Insider Transactions at Intra-Cellular Therapies

In other news, EVP Mark Neumann sold 18,714 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $75.08, for a total transaction of $1,405,047.12. Following the completion of the sale, the executive vice president now owns 29,700 shares in the company, valued at approximately $2,229,876. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Sharon Mates sold 28,680 shares of Intra-Cellular Therapies stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $74.46, for a total value of $2,135,512.80. Following the completion of the transaction, the chief executive officer now directly owns 1,070,329 shares in the company, valued at approximately $79,696,697.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mark Neumann sold 18,714 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $75.08, for a total transaction of $1,405,047.12. Following the transaction, the executive vice president now owns 29,700 shares of the company’s stock, valued at $2,229,876. The disclosure for this sale can be found here. Insiders sold a total of 175,316 shares of company stock worth $13,037,345 in the last quarter. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Intra-Cellular Therapies

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Intra-Cellular Therapies by 1.4% during the first quarter. Vanguard Group Inc. now owns 9,225,981 shares of the biopharmaceutical company’s stock valued at $638,438,000 after buying an additional 131,679 shares during the last quarter. Wasatch Advisors LP grew its holdings in shares of Intra-Cellular Therapies by 6.3% during the first quarter. Wasatch Advisors LP now owns 3,854,747 shares of the biopharmaceutical company’s stock valued at $266,748,000 after buying an additional 227,439 shares during the last quarter. Avoro Capital Advisors LLC grew its holdings in shares of Intra-Cellular Therapies by 21.2% during the second quarter. Avoro Capital Advisors LLC now owns 3,000,000 shares of the biopharmaceutical company’s stock valued at $205,470,000 after buying an additional 525,000 shares during the last quarter. Clearbridge Investments LLC grew its holdings in shares of Intra-Cellular Therapies by 12.3% during the first quarter. Clearbridge Investments LLC now owns 1,744,551 shares of the biopharmaceutical company’s stock valued at $120,723,000 after buying an additional 191,416 shares during the last quarter. Finally, Perceptive Advisors LLC grew its holdings in shares of Intra-Cellular Therapies by 62.6% during the second quarter. Perceptive Advisors LLC now owns 1,716,407 shares of the biopharmaceutical company’s stock valued at $117,557,000 after buying an additional 661,052 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.