Buy Rating Affirmed on Intra-Cellular Therapies Amid Strong Sales and Promising Clinical Trials

Marc Goodman, an analyst from Leerink Partners, reiterated the Buy rating on Intra-Cellular Therapies (ITCI – Research Report). The associated price target remains the same with $82.00.

Marc Goodman has given his Buy rating due to a combination of factors surrounding Intra-Cellular Therapies’ financial performance and promising clinical advancements. The company’s leading product, Caplyta, showed a significant increase in sales, reaching approximately $145 million in the first quarter of 2024, which surpassed both Leerink Partners’ estimate and the consensus. This 53% year-over-year growth aligns with the company’s maintained sales guidance for the year. Moreover, the anticipation of positive results from the Phase 3 Study 502 for major depressive disorder (MDD), expected in June, could facilitate a supplemental New Drug Application by the end of the year.
Additionally, Goodman’s positive outlook is reinforced by an upward revision of earnings per share forecasts for the years 2024 and 2025, which reflects a stronger financial position for Intra-Cellular Therapies. The company’s pipeline progression is on track, and recent stock price weaknesses are seen as temporary, attributed to potential market dynamics rather than any fundamental company issues. Goodman’s reiterated Outperform rating and a price target of $82 indicates confidence in the company’s continued growth and value proposition within the healthcare sector.

In another report released on May 7, Canaccord Genuity also maintained a Buy rating on the stock with a $107.00 price target.

ITCI’s price has also changed moderately for the past six months – from $56.240 to $71.210, which is a 26.62% increase.

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Intra-Cellular Therapies (ITCI) Company Description:

Intra-Cellular Therapies, Inc. is a biopharmaceutical company, which focuses on the discovery and clinical development of innovative, small molecule drugs that address underserved medical needs in neuropsychiatric and neurological disorders by targeting intracellular signaling mechanisms within the central nervous system, or CNS. Its lead product candidate, ITI-007, is in clinical development as a first-in-class treatment for schizophrenia. The company also includes pre-clinical programs that are focused on advancing drug candidates for the treatment of cognitive dysfunction, in both schizophrenia and Alzheimer’s disease, and for disease modification and the treatment of neurodegenerative disorders, including Alzheimer’s disease. The company was founded by Paul Greengard and Sharon Mates on August 29, 2013 and is headquartered in New York, NY.