CIBC Asset Management Inc Makes New $205,000 Investment in Intra-Cellular Therapies, Inc. (NASDAQ:ITCI)

CIBC Asset Management Inc purchased a new position in shares of Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,806 shares of the biopharmaceutical company’s stock, valued at approximately $205,000.

Several other large investors have also recently added to or reduced their stakes in ITCI. Perceptive Advisors LLC raised its stake in shares of Intra-Cellular Therapies by 62.6% during the 2nd quarter. Perceptive Advisors LLC now owns 1,716,407 shares of the biopharmaceutical company’s stock worth $117,557,000 after buying an additional 661,052 shares in the last quarter. Millennium Management LLC boosted its position in shares of Intra-Cellular Therapies by 214.5% during the 2nd quarter. Millennium Management LLC now owns 889,102 shares of the biopharmaceutical company’s stock worth $60,895,000 after purchasing an additional 606,358 shares in the last quarter. Avoro Capital Advisors LLC grew its stake in shares of Intra-Cellular Therapies by 21.2% during the 2nd quarter. Avoro Capital Advisors LLC now owns 3,000,000 shares of the biopharmaceutical company’s stock worth $205,470,000 after purchasing an additional 525,000 shares during the period. Marshall Wace LLP acquired a new stake in shares of Intra-Cellular Therapies in the second quarter valued at about $34,178,000. Finally, Hood River Capital Management LLC purchased a new stake in Intra-Cellular Therapies during the second quarter worth about $33,390,000. 92.33% of the stock is owned by hedge funds and other institutional investors.

Intra-Cellular Therapies Stock Performance

ITCI stock opened at $85.69 on Friday. Intra-Cellular Therapies, Inc. has a one year low of $58.14 and a one year high of $93.45. The stock has a market capitalization of $9.08 billion, a P/E ratio of -98.49 and a beta of 0.97. The company has a 50 day moving average price of $79.05 and a two-hundred day moving average price of $74.66.

Intra-Cellular Therapies (NASDAQ:ITCI) last released its earnings results on Wednesday, October 30th. The biopharmaceutical company reported ($0.25) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $175.40 million for the quarter, compared to analysts’ expectations of $172.30 million. During the same quarter last year, the company posted ($0.25) earnings per share. The business’s quarterly revenue was up 39.0% compared to the same quarter last year. Research analysts forecast that Intra-Cellular Therapies, Inc. will post -0.64 earnings per share for the current fiscal year.

Insider Activity at Intra-Cellular Therapies

In other news, CEO Sharon Mates sold 34,396 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $72.84, for a total transaction of $2,505,404.64. Following the completion of the sale, the chief executive officer now owns 1,070,329 shares in the company, valued at approximately $77,962,764.36. The trade was a 3.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction of $2,038,085.28. The disclosure for this sale can be found here. Over the last three months, insiders sold 97,778 shares of company stock worth $7,524,436. 2.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

ITCI has been the topic of several research analyst reports. UBS Group decreased their price target on Intra-Cellular Therapies from $83.00 to $79.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. The Goldman Sachs Group cut their price target on Intra-Cellular Therapies from $77.00 to $74.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Piper Sandler raised shares of Intra-Cellular Therapies from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $68.00 to $92.00 in a research note on Friday, September 6th. Morgan Stanley lifted their target price on shares of Intra-Cellular Therapies from $92.00 to $95.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Finally, Royal Bank of Canada increased their price target on shares of Intra-Cellular Therapies from $106.00 to $108.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $97.23.

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.