Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) Short Interest Up 6.7% in January

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) was the target of a significant increase in short interest during the month of January. As of January 31st, there was short interest totalling 1,600,000 shares, an increase of 6.7% from the January 15th total of 1,500,000 shares. Based on an average daily volume of 2,270,000 shares, the short-interest ratio is presently 0.7 days.

Analyst Upgrades and Downgrades

ITCI has been the subject of several analyst reports. Piper Sandler reissued a “neutral” rating and issued a $132.00 price objective (up previously from $107.00) on shares of Intra-Cellular Therapies in a research note on Tuesday, January 14th. StockNews.com assumed coverage on shares of Intra-Cellular Therapies in a research note on Sunday. They set a “hold” rating for the company. Needham & Company LLC reaffirmed a “hold” rating and set a $100.00 price target on shares of Intra-Cellular Therapies in a research note on Monday, January 13th. Canaccord Genuity Group downgraded shares of Intra-Cellular Therapies from a “buy” rating to a “hold” rating and lifted their price target for the company from $119.00 to $132.00 in a research note on Friday, January 31st. Finally, JPMorgan Chase & Co. lifted their price target on shares of Intra-Cellular Therapies from $81.00 to $89.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Nine equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $103.62.

Intra-Cellular Therapies Price Performance

NASDAQ ITCI traded down $0.24 on Monday, hitting $127.82. The stock had a trading volume of 1,382,004 shares, compared to its average volume of 5,987,666. The business’s fifty day moving average price is $105.80 and its 200 day moving average price is $88.04. Intra-Cellular Therapies has a 52-week low of $62.78 and a 52-week high of $128.19. The stock has a market cap of $13.59 billion, a price-to-earnings ratio of -146.92 and a beta of 0.72.

Insiders Place Their Bets

In other Intra-Cellular Therapies news, CEO Sharon Mates sold 51,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $85.80, for a total value of $4,375,800.00. Following the completion of the sale, the chief executive officer now owns 1,070,329 shares of the company’s stock, valued at $91,834,228.20. This trade represents a 4.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Intra-Cellular Therapies

Several institutional investors and hedge funds have recently bought and sold shares of ITCI. Norges Bank purchased a new position in Intra-Cellular Therapies in the fourth quarter worth $268,347,000. Raymond James Financial Inc. purchased a new position in Intra-Cellular Therapies in the fourth quarter worth $76,451,000. Adage Capital Partners GP L.L.C. lifted its stake in shares of Intra-Cellular Therapies by 266.5% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 678,000 shares of the biopharmaceutical company’s stock worth $56,627,000 after buying an additional 493,000 shares during the period. TimesSquare Capital Management LLC lifted its stake in shares of Intra-Cellular Therapies by 91.8% during the fourth quarter. TimesSquare Capital Management LLC now owns 840,269 shares of the biopharmaceutical company’s stock worth $70,179,000 after buying an additional 402,186 shares during the period. Finally, Deep Track Capital LP lifted its stake in shares of Intra-Cellular Therapies by 24.9% during the fourth quarter. Deep Track Capital LP now owns 2,000,000 shares of the biopharmaceutical company’s stock worth $167,040,000 after buying an additional 399,307 shares during the period. 92.33% of the stock is owned by hedge funds and other institutional investors.

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.