Intra-Cellular Therapies (NASDAQ:ITCI) Trading Down 5.3% Following Insider Selling

Shares of Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) dropped 5.3% on Tuesday following insider selling activity. The stock traded as low as $35.26 and last traded at $36.89. Approximately 953,159 shares changed hands during trading, an increase of 37% from the average daily volume of 696,199 shares. The stock had previously closed at $38.97.

Specifically, insider Suresh K. Durgam sold 4,367 shares of Intra-Cellular Therapies stock in a transaction dated Monday, January 11th. The shares were sold at an average price of $32.12, for a total transaction of $140,268.04. Following the completion of the transaction, the insider now directly owns 21,851 shares of the company’s stock, valued at approximately $701,854.12. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Suresh K. Durgam sold 2,734 shares of the stock in a transaction dated Friday, February 19th. The stock was sold at an average price of $39.25, for a total transaction of $107,309.50. Following the completion of the sale, the insider now directly owns 25,838 shares in the company, valued at $1,014,141.50. The disclosure for this sale can be found here. Insiders have sold 202,103 shares of company stock worth $6,746,845 in the last quarter. Company insiders own 18.20% of the company’s stock.

Several research firms have recently weighed in on ITCI. Royal Bank of Canada decreased their target price on Intra-Cellular Therapies from $43.00 to $36.00 and set an “outperform” rating for the company in a research report on Monday, November 2nd. BTIG Research dropped their target price on shares of Intra-Cellular Therapies from $80.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday, November 2nd. They noted that the move was a valuation call. Cantor Fitzgerald lifted their price target on shares of Intra-Cellular Therapies from $53.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, December 29th. Zacks Investment Research cut Intra-Cellular Therapies from a “hold” rating to a “sell” rating in a research note on Wednesday, January 13th. Finally, Bank of America began coverage on Intra-Cellular Therapies in a report on Tuesday, December 15th. They issued a “buy” rating and a $40.00 target price for the company. One equities research analyst has rated the stock with a sell rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $45.00.

The company has a market cap of $2.96 billion, a PE ratio of -11.29 and a beta of 1.50. The firm has a 50 day simple moving average of $34.88 and a 200-day simple moving average of $27.56.

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. lifted its position in Intra-Cellular Therapies by 11.9% during the fourth quarter. BlackRock Inc. now owns 5,898,568 shares of the biopharmaceutical company’s stock valued at $187,575,000 after acquiring an additional 626,352 shares during the last quarter. Wasatch Advisors Inc. grew its stake in Intra-Cellular Therapies by 47.8% during the 3rd quarter. Wasatch Advisors Inc. now owns 5,408,879 shares of the biopharmaceutical company’s stock worth $138,792,000 after buying an additional 1,748,285 shares during the last quarter. State Street Corp increased its position in Intra-Cellular Therapies by 4.1% during the 3rd quarter. State Street Corp now owns 1,419,918 shares of the biopharmaceutical company’s stock valued at $36,435,000 after buying an additional 55,382 shares in the last quarter. Schroder Investment Management Group raised its stake in Intra-Cellular Therapies by 31.3% in the fourth quarter. Schroder Investment Management Group now owns 1,313,026 shares of the biopharmaceutical company’s stock valued at $41,754,000 after buying an additional 313,129 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in Intra-Cellular Therapies in the third quarter worth about $14,258,000. 79.10% of the stock is currently owned by hedge funds and other institutional investors.

Intra-Cellular Therapies Company Profile (NASDAQ:ITCI)

Intra-Cellular Therapies, Inc, a biopharmaceutical company, develops novel drugs for the treatment of neuropsychiatric and neurologic diseases, and other disorders of the central nervous system (CNS) in the United States. The company is developing its lead drug candidate, CAPLYTA for the treatment of schizophrenia, bipolar disorder, behavioral disturbances associated with dementia, autism, and other CNS diseases.

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