Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) Shares Acquired by Pinnacle Associates Ltd.

by · The Cerbat Gem

Pinnacle Associates Ltd. lifted its stake in shares of Intra-Cellular Therapies, Inc. (NASDAQ:ITCI – Free Report) by 3.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 176,124 shares of the biopharmaceutical company’s stock after purchasing an additional 5,055 shares during the quarter. Pinnacle Associates Ltd. owned about 0.17% of Intra-Cellular Therapies worth $12,614,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. China Universal Asset Management Co. Ltd. raised its position in shares of Intra-Cellular Therapies by 63.9% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 20,323 shares of the biopharmaceutical company’s stock worth $1,487,000 after purchasing an additional 7,920 shares during the period. abrdn plc increased its position in Intra-Cellular Therapies by 7.5% in the 3rd quarter. abrdn plc now owns 250,963 shares of the biopharmaceutical company’s stock valued at $18,363,000 after acquiring an additional 17,612 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Intra-Cellular Therapies by 185.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 8,810 shares of the biopharmaceutical company’s stock valued at $645,000 after acquiring an additional 5,725 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Intra-Cellular Therapies by 21.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,822 shares of the biopharmaceutical company’s stock valued at $280,000 after acquiring an additional 670 shares during the period. Finally, Lecap Asset Management Ltd. acquired a new stake in Intra-Cellular Therapies in the 3rd quarter valued at approximately $499,000. 92.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ITCI shares. Morgan Stanley raised their target price on Intra-Cellular Therapies from $92.00 to $95.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. JPMorgan Chase & Co. raised their target price on Intra-Cellular Therapies from $79.00 to $81.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. UBS Group lowered their target price on Intra-Cellular Therapies from $83.00 to $79.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Needham & Company LLC reiterated a “buy” rating and set a $100.00 price target on shares of Intra-Cellular Therapies in a research report on Wednesday. Finally, Royal Bank of Canada lifted their price target on 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 investment 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, Intra-Cellular Therapies currently has a consensus rating of “Moderate Buy” and an average target price of $96.62.

View Our Latest Analysis on ITCI

Insider Transactions at Intra-Cellular Therapies

In other news, CEO Sharon Mates sold 53,013 shares of the firm’s 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 completion of the sale, the chief executive officer now owns 1,070,329 shares of the company’s stock, valued at $80,970,388.85. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Sharon Mates sold 53,013 shares of the firm’s 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 completion of the sale, the chief executive officer now owns 1,070,329 shares of the company’s stock, valued at $80,970,388.85. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Mark Neumann sold 18,714 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $75.08, for a total value of $1,405,047.12. Following the completion of the sale, the executive vice president now directly owns 29,700 shares of the company’s stock, valued at approximately $2,229,876. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 175,316 shares of company stock valued at $13,037,345 in the last three months. 3.40% of the stock is currently owned by corporate insiders.

Intra-Cellular Therapies Stock Up 11.4 %

ITCI opened at $85.47 on Thursday. The firm has a market cap of $9.02 billion, a PE ratio of -73.68 and a beta of 1.00. The business has a fifty day simple moving average of $74.53 and a 200-day simple moving average of $72.96. Intra-Cellular Therapies, Inc. has a fifty-two week low of $46.10 and a fifty-two week high of $88.00.

Intra-Cellular Therapies (NASDAQ:ITCI – Get Free Report) last released its quarterly earnings data on Wednesday, August 7th. The biopharmaceutical company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.03. The business had revenue of $161.40 million during the quarter, compared to analyst estimates of $157.74 million. Intra-Cellular Therapies had a negative return on equity of 11.48% and a negative net margin of 14.93%. The company’s revenue was up 45.7% compared to the same quarter last year. During the same period last year, the company posted ($0.45) EPS. On average, equities research analysts anticipate that Intra-Cellular Therapies, Inc. will post -0.6 EPS for the current fiscal year.

About Intra-Cellular Therapies

(Free Report)

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.

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