Intra-Cellular Therapies (NASDAQ:ITCI) Shares Gap Down to $76.69

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI - Get Free Report)'s share price gapped down before the market opened on Thursday . The stock had previously closed at $76.69, but opened at $74.40. Intra-Cellular Therapies shares last traded at $73.10, with a volume of 1,015,719 shares.

Analyst Upgrades and Downgrades

ITCI has been the topic of several recent analyst reports. The Goldman Sachs Group lifted their price objective on Intra-Cellular Therapies from $67.00 to $77.00 and gave the company a "neutral" rating in a report on Wednesday. Canaccord Genuity Group dropped their price target on Intra-Cellular Therapies from $101.00 to $100.00 and set a "buy" rating on the stock in a research note on Friday, February 23rd. Mizuho increased their target price on Intra-Cellular Therapies from $76.00 to $82.00 and gave the stock a "buy" rating in a research note on Friday, February 16th. Bank of America boosted their price objective on shares of Intra-Cellular Therapies from $82.00 to $91.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Needham & Company LLC restated a "buy" rating and issued a $82.00 price target on shares of Intra-Cellular Therapies in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $86.17.

Intra-Cellular Therapies Price Performance

The business has a fifty day moving average of $69.31 and a 200-day moving average of $63.82. The stock has a market cap of $6.97 billion, a PE ratio of -50.38 and a beta of 1.02.

Intra-Cellular Therapies (NASDAQ:ITCI - Get Free Report) last released its earnings results on Thursday, February 22nd. The biopharmaceutical company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.14. Intra-Cellular Therapies had a negative net margin of 30.08% and a negative return on equity of 23.02%. The company had revenue of $132.10 million for the quarter, compared to the consensus estimate of $135.97 million. During the same quarter in the previous year, the firm earned ($0.45) EPS. Intra-Cellular Therapies's revenue was up 50.3% compared to the same quarter last year. As a group, equities research analysts predict that Intra-Cellular Therapies, Inc. will post -0.69 EPS for the current year.

Insider Activity

In related news, CFO Lawrence J. Hineline sold 13,337 shares of the firm's stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $69.43, for a total transaction of $925,987.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Intra-Cellular Therapies news, EVP Suresh K. Durgam sold 6,450 shares of the firm's stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $66.56, for a total transaction of $429,312.00. Following the transaction, the executive vice president now owns 16,170 shares of the company's stock, valued at $1,076,275.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Lawrence J. Hineline sold 13,337 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $69.43, for a total transaction of $925,987.91. The disclosure for this sale can be found here. In the last quarter, insiders have sold 168,487 shares of company stock valued at $11,364,950. 3.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Intra-Cellular Therapies

A number of hedge funds and other institutional investors have recently modified their holdings of ITCI. Kapitalo Investimentos Ltda purchased a new position in shares of Intra-Cellular Therapies in the 4th quarter worth $26,000. Lazard Asset Management LLC acquired a new stake in shares of Intra-Cellular Therapies in the second quarter worth $29,000. Signaturefd LLC lifted its holdings in shares of Intra-Cellular Therapies by 85.7% during the 4th quarter. Signaturefd LLC now owns 518 shares of the biopharmaceutical company's stock valued at $37,000 after acquiring an additional 239 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in Intra-Cellular Therapies during the 3rd quarter worth $45,000. Finally, Coppell Advisory Solutions Corp. acquired a new stake in Intra-Cellular Therapies in the 4th quarter valued at $47,000. 92.33% of the stock is currently owned by institutional investors and hedge funds.

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.