Intra-Cellular Therapies (NASDAQ:ITCI) Shares Down 2.7%

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI - Get Free Report) dropped 2.7% during mid-day trading on Wednesday . The stock traded as low as $76.50 and last traded at $77.66. Approximately 193,291 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 833,862 shares. The stock had previously closed at $79.84.

Analysts Set New Price Targets

ITCI has been the topic of several research analyst reports. Robert W. Baird raised their price target on shares of Intra-Cellular Therapies from $83.00 to $103.00 and gave the stock an "outperform" rating in a research report on Wednesday. Bank of America raised their price target on shares of Intra-Cellular Therapies from $82.00 to $91.00 and gave the stock a "buy" rating in a research report on Wednesday. Royal Bank of Canada reiterated an "outperform" rating and set a $86.00 target price on shares of Intra-Cellular Therapies in a research report on Wednesday, April 3rd. Needham & Company LLC reiterated a "buy" rating and set a $82.00 target price on shares of Intra-Cellular Therapies in a research report on Tuesday. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $101.00 target price on shares of Intra-Cellular Therapies in a research report on Friday, February 23rd. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the 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 company has a market capitalization of $7.42 billion, a P/E ratio of -52.53 and a beta of 1.02. The stock's 50 day simple moving average is $69.14 and its two-hundred day simple moving average is $63.73.

Intra-Cellular Therapies (NASDAQ:ITCI - Get Free Report) last announced its earnings results on Thursday, February 22nd. The biopharmaceutical company reported ($0.30) earnings per share for the quarter, topping analysts' consensus estimates of ($0.44) by $0.14. The company had revenue of $132.10 million during the quarter, compared to the consensus estimate of $135.97 million. Intra-Cellular Therapies had a negative net margin of 30.08% and a negative return on equity of 23.02%. The company's revenue was up 50.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.45) earnings per share. As a group, equities research analysts expect that Intra-Cellular Therapies, Inc. will post -0.64 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Suresh K. Durgam sold 6,450 shares of the company's stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $66.56, for a total value of $429,312.00. Following the completion of the transaction, the executive vice president now owns 16,170 shares in the company, valued at $1,076,275.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Suresh K. Durgam sold 6,450 shares of the company's stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $66.56, for a total value of $429,312.00. Following the completion of the transaction, the executive vice president now owns 16,170 shares in the company, valued at $1,076,275.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sharon Mates sold 67,917 shares of the company's stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $65.19, for a total transaction of $4,427,509.23. Following the completion of the transaction, the chief executive officer now owns 1,050,309 shares of the company's stock, valued at approximately $68,469,643.71. The disclosure for this sale can be found here. Insiders sold a total of 236,404 shares of company stock valued at $15,792,460 over the last ninety days. Insiders own 3.40% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ITCI. Wellington Management Group LLP acquired a new position in Intra-Cellular Therapies during the first quarter worth $248,502,000. Avoro Capital Advisors LLC bought a new stake in Intra-Cellular Therapies during the fourth quarter worth $161,543,000. Norges Bank bought a new stake in Intra-Cellular Therapies during the fourth quarter worth $85,744,000. Vanguard Group Inc. raised its position in Intra-Cellular Therapies by 13.3% during the first quarter. Vanguard Group Inc. now owns 7,788,469 shares of the biopharmaceutical company's stock worth $476,577,000 after acquiring an additional 912,268 shares in the last quarter. Finally, Avidity Partners Management LP bought a new stake in Intra-Cellular Therapies during the third quarter worth $41,729,000. Institutional investors and hedge funds own 92.33% of the company's stock.

Intra-Cellular Therapies Company Profile

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.