Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) Sees Large Increase in Short Interest

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) saw a significant increase in short interest during the month of September. As of September 15th, there was short interest totalling 2,570,000 shares, an increase of 5.8% from the August 31st total of 2,430,000 shares. Based on an average daily trading volume, of 906,000 shares, the days-to-cover ratio is presently 2.8 days.

Intra-Cellular Therapies Stock Down 0.7 %

Intra-Cellular Therapies stock opened at $72.65 on Wednesday. Intra-Cellular Therapies has a 52-week low of $45.50 and a 52-week high of $84.89. The firm’s fifty day moving average is $75.37 and its 200 day moving average is $71.88. The company has a market cap of $7.67 billion, a price-to-earnings ratio of -62.63 and a beta of 1.00.

Intra-Cellular Therapies (NASDAQ:ITCI) last announced its earnings results on Wednesday, August 7th. The biopharmaceutical company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.03. Intra-Cellular Therapies had a negative net margin of 14.93% and a negative return on equity of 11.48%. The firm had revenue of $161.40 million for the quarter, compared to analysts’ expectations of $157.74 million. During the same period in the prior year, the company earned ($0.45) EPS. The business’s revenue was up 45.7% compared to the same quarter last year. On average, equities research analysts anticipate that Intra-Cellular Therapies will post -0.59 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Intra-Cellular Therapies news, EVP Mark Neumann sold 18,714 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $75.08, for a total value of $1,405,047.12. Following the transaction, the executive vice president now directly owns 29,700 shares in the company, valued at $2,229,876. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Intra-Cellular Therapies news, CEO Sharon Mates sold 28,680 shares of Intra-Cellular Therapies stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $74.46, for a total transaction of $2,135,512.80. Following the transaction, the chief executive officer now owns 1,070,329 shares of the company’s stock, valued at $79,696,697.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark Neumann sold 18,714 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $75.08, for a total transaction 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 $2,229,876. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 175,316 shares of company stock valued at $13,037,345. 3.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Intra-Cellular Therapies

Several institutional investors have recently modified their holdings of the stock. Oak Ridge Investments LLC bought a new stake in Intra-Cellular Therapies in the second quarter worth $811,000. Perceptive Advisors LLC purchased a new position in shares of Intra-Cellular Therapies during the 4th quarter worth about $7,735,000. SG Americas Securities LLC grew its holdings in Intra-Cellular Therapies by 962.7% during the 2nd quarter. SG Americas Securities LLC now owns 48,778 shares of the biopharmaceutical company’s stock valued at $3,341,000 after purchasing an additional 44,188 shares during the last quarter. Schroder Investment Management Group raised its position in Intra-Cellular Therapies by 36.7% in the 4th quarter. Schroder Investment Management Group now owns 779,823 shares of the biopharmaceutical company’s stock worth $55,851,000 after purchasing an additional 209,331 shares during the period. Finally, Clearbridge Investments LLC lifted its stake in Intra-Cellular Therapies by 12.3% in the first quarter. Clearbridge Investments LLC now owns 1,744,551 shares of the biopharmaceutical company’s stock worth $120,723,000 after purchasing an additional 191,416 shares during the last quarter. 92.33% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ITCI shares. Royal Bank of Canada cut their price target on Intra-Cellular Therapies from $107.00 to $106.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. The Goldman Sachs Group decreased their target price on Intra-Cellular Therapies from $77.00 to $74.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Piper Sandler upgraded Intra-Cellular Therapies from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $68.00 to $92.00 in a research note on Friday, September 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $130.00 price objective on shares of Intra-Cellular Therapies in a report on Monday, September 16th. Finally, Mizuho boosted their target price on shares of Intra-Cellular Therapies from $96.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, June 21st. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Intra-Cellular Therapies presently has a consensus rating of “Moderate Buy” and an average target price of $96.58.

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.