Short Interest in Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) Declines By 6.8%

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) saw a large decrease in short interest in June. As of June 15th, there was short interest totalling 3,730,000 shares, a decrease of 6.8% from the May 31st total of 4,000,000 shares. Based on an average daily volume of 1,040,000 shares, the short-interest ratio is presently 3.6 days.

Insider Transactions at Intra-Cellular Therapies

In related news, Director Rory B. Riggs sold 4,462 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $75.57, for a total value of $337,193.34. Following the completion of the transaction, the director now directly owns 116,600 shares of the company’s stock, valued at $8,811,462. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Rory B. Riggs sold 4,462 shares of the firm’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $75.57, for a total value of $337,193.34. Following the completion of the sale, the director now directly owns 116,600 shares in the company, valued at approximately $8,811,462. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Nostrand Robert L. Van sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $75.91, for a total value of $1,518,200.00. Following the transaction, the director now directly owns 9,690 shares in the company, valued at approximately $735,567.90. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Intra-Cellular Therapies

Several hedge funds have recently bought and sold shares of ITCI. Avoro Capital Advisors LLC acquired a new stake in shares of Intra-Cellular Therapies during the 4th quarter worth approximately $161,543,000. Norges Bank bought a new position in shares of Intra-Cellular Therapies in the 4th quarter valued at $85,744,000. Polar Capital Holdings Plc raised its holdings in shares of Intra-Cellular Therapies by 150.0% during the 3rd quarter. Polar Capital Holdings Plc now owns 1,000,000 shares of the biopharmaceutical company’s stock worth $52,090,000 after buying an additional 600,000 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Intra-Cellular Therapies by 6.5% during the 4th quarter. Vanguard Group Inc. now owns 9,094,302 shares of the biopharmaceutical company’s stock worth $651,334,000 after buying an additional 554,577 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its position in shares of Intra-Cellular Therapies by 84.4% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 885,000 shares of the biopharmaceutical company’s stock worth $46,100,000 after buying an additional 405,000 shares during the last quarter. 92.33% of the stock is owned by institutional investors.

Intra-Cellular Therapies Price Performance

Shares of NASDAQ:ITCI opened at $68.54 on Wednesday. The business’s 50 day simple moving average is $69.15 and its 200 day simple moving average is $69.12. Intra-Cellular Therapies has a 1 year low of $45.50 and a 1 year high of $84.89.

Intra-Cellular Therapies (NASDAQ:ITCI) last issued its quarterly earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.15. The company had revenue of $144.90 million for the quarter, compared to analysts’ expectations of $141.41 million. Intra-Cellular Therapies had a negative return on equity of 18.49% and a negative net margin of 21.57%. Intra-Cellular Therapies’s revenue was up 52.0% on a year-over-year basis. During the same quarter last year, the business earned ($0.46) earnings per share. On average, equities analysts predict that Intra-Cellular Therapies will post -0.51 EPS for the current year.

Analysts Set New Price Targets

ITCI has been the subject of several research reports. JPMorgan Chase & Co. raised their price target on Intra-Cellular Therapies from $75.00 to $78.00 and gave the company an “overweight” rating in a report on Wednesday, June 12th. TD Cowen lifted their target price on shares of Intra-Cellular Therapies from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. The Goldman Sachs Group increased their price target on shares of Intra-Cellular Therapies from $67.00 to $77.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. Royal Bank of Canada restated an “outperform” rating and set a $103.00 price objective on shares of Intra-Cellular Therapies in a research report on Tuesday, June 25th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $120.00 target price on shares of Intra-Cellular Therapies in a research report on Friday, June 14th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $94.33.

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.