SunTrust Banks, Inc. Upgrades Intra-Cellular Therapies Inc. (ITCI) to Buy
SunTrust Banks, Inc. upgraded shares of Intra-Cellular Therapies Inc. (NASDAQ:ITCI) from a hold rating to a buy rating in a report published on Wednesday morning, Marketbeat Ratings reports. SunTrust Banks also issued estimates for Intra-Cellular Therapies’ Q4 2017 earnings at ($0.55) EPS, FY2017 earnings at ($2.11) EPS, FY2018 earnings at ($2.24) EPS, FY2019 earnings at ($2.07) EPS, FY2020 earnings at ($2.39) EPS and FY2021 earnings at ($0.89) EPS.
“Meeting with FDA could help identify the path forward for ralinepag. On the 3Q17 results conference call, management commented that the company will seek a meeting with the FDA to determine the pivotal development plan for ralinepag. Specific timing of the meeting is pending FDA scheduling but management laid out their views on the drug candidate’s development program. Key considerations include 1) accelerating time to market, 2) maximizing the breadth and scope of label, 3) raising physician awareness of the compound and 4) comparing ralinepag with other available treatments.”,” SunTrust Banks, Inc.’s analyst wrote.
Several other analysts also recently weighed in on ITCI. Piper Jaffray Companies set a $10.00 target price on shares of Intra-Cellular Therapies and gave the company a hold rating in a report on Thursday, August 10th. Cantor Fitzgerald reiterated a buy rating on shares of Intra-Cellular Therapies in a report on Wednesday, August 9th. BidaskClub downgraded shares of Intra-Cellular Therapies from a hold rating to a sell rating in a report on Saturday, August 5th. Zacks Investment Research downgraded shares of Intra-Cellular Therapies from a buy rating to a hold rating in a report on Tuesday, October 17th. Finally, ValuEngine upgraded shares of Intra-Cellular Therapies from a strong sell rating to a sell rating in a research note on Friday, August 18th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $25.00.
Intra-Cellular Therapies (ITCI) traded down $0.15 during trading on Wednesday, reaching $14.79. 281,500 shares of the company traded hands, compared to its average volume of 490,509. Intra-Cellular Therapies has a 12-month low of $7.85 and a 12-month high of $22.67.
Intra-Cellular Therapies (NASDAQ:ITCI) last posted its earnings results on Wednesday, November 8th. The biopharmaceutical company reported ($0.53) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.53). Intra-Cellular Therapies had a negative net margin of 28,038.35% and a negative return on equity of 26.69%. The firm had revenue of $0.03 million during the quarter, compared to the consensus estimate of $0.06 million. During the same quarter last year, the firm earned ($0.70) EPS. The firm’s revenue for the quarter was up 675.0% on a year-over-year basis. equities analysts expect that Intra-Cellular Therapies will post -2.16 earnings per share for the current fiscal year.
In other news, CEO Sharon Mates sold 18,750 shares of Intra-Cellular Therapies stock in a transaction on Monday, October 30th. The shares were sold at an average price of $15.75, for a total transaction of $295,312.50. Following the completion of the sale, the chief executive officer now directly owns 1,107,457 shares of the company’s stock, valued at approximately $17,442,447.75. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Alafi Capital Co Llc acquired 258,065 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were purchased at an average cost of $15.50 per share, with a total value of $4,000,007.50. Following the completion of the transaction, the insider now owns 3,953,270 shares in the company, valued at approximately $61,275,685. The disclosure for this purchase can be found here. 19.80% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. lifted its position in Intra-Cellular Therapies by 336.1% in the second quarter. Goldman Sachs Group Inc. now owns 580,770 shares of the biopharmaceutical company’s stock valued at $7,213,000 after acquiring an additional 447,586 shares during the last quarter. First Midwest Bank Trust Division lifted its position in Intra-Cellular Therapies by 18.2% in the third quarter. First Midwest Bank Trust Division now owns 184,836 shares of the biopharmaceutical company’s stock valued at $2,917,000 after acquiring an additional 28,487 shares during the last quarter. Federated Investors Inc. PA lifted its position in Intra-Cellular Therapies by 113.3% in the second quarter. Federated Investors Inc. PA now owns 183,035 shares of the biopharmaceutical company’s stock valued at $2,273,000 after acquiring an additional 97,228 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Intra-Cellular Therapies by 192.2% in the first quarter. Dimensional Fund Advisors LP now owns 124,622 shares of the biopharmaceutical company’s stock valued at $2,025,000 after acquiring an additional 81,969 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in Intra-Cellular Therapies by 7.3% in the first quarter. Vanguard Group Inc. now owns 2,741,887 shares of the biopharmaceutical company’s stock valued at $44,556,000 after acquiring an additional 186,165 shares during the last quarter. 59.41% of the stock is owned by hedge funds and other institutional investors.
Intra-Cellular Therapies Company Profile
Intra-Cellular Therapies, Inc (ITI) is a biopharmaceutical company. The Company is focused on the discovery and clinical development of small molecule drugs that address underserved medical needs in neuropsychiatric and neurological disorders by targeting intracellular signaling mechanisms within the central nervous system (CNS).
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