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Highlights
- Rhumbline Advisers slightly reduced its stake in Intra-Cellular Therapies by 0.4% during the fourth quarter, reflecting minor changes in institutional ownership.
- The biopharmaceutical company reported lower-than-expected earnings in its latest quarterly report, with a negative net margin and return on equity.
- Despite mixed analyst ratings, Intra-Cellular Therapies’ stock has experienced significant fluctuations, recently reaching a 52-week high.
Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) recently saw Rhumbline Advisers decrease its holdings marginally by 0.4% in the last quarter of the year. The firm now possesses 125,644 shares, which account for approximately 0.12% of the company's total stock, valued at $10,494,000. This adjustment was part of their latest 13F filing with the Securities and Exchange Commission.
Other hedge funds have also made diverse moves concerning ITCI shares. True Wealth Design LLC, GAMMA Investing LLC, and Quarry LP are among those that have adjusted their positions in the company, either by increasing their holdings or establishing new stakes. Notably, institutional investors and hedge funds collectively own 92.33% of the company's stock.
Financial Performance and Market Reaction
Intra-Cellular Therapies opened at $128.60 recently, reaching the higher end of its 52-week price range. The company's stock has been oscillating between a low of $62.78 and a high of $128.77 over the past year. Currently, the stock's 50-day moving average is $110.27, whereas the 200-day moving average stands at $89.84.
The company reported quarterly earnings with a loss of $0.16 per share, falling short of analysts' predictions by $0.08. The reported revenue for the quarter stood at $199.22 million, which again did not meet the expectations set at $205.08 million. The company continues to grapple with a negative net margin of 14.07% and a negative return on equity of 9.93%.
Market Analysts' Perspectives
Several analysts have expressed varied opinions on Intra-Cellular Therapies (NASDAQ:ITCI). Canaccord Genuity Group altered its stance from "buy" to "hold," while adjusting the price target upwards to $132.00. Piper Sandler maintained a neutral perspective, raising their price target from $107.00 to $132.00. Conversely, Leerink Partners downgraded the stock from a "strong-buy" to a "hold."
Overall, the stock is covered by nine hold ratings, six buy ratings, and a single strong buy recommendation. The consensus target price for Intra-Cellular Therapies is pegged at $103.62, according to MarketBeat.com.
Intra-Cellular Therapies, Inc. is a biopharmaceutical firm specializing in the research, clinical development, and commercialization of small molecule drugs. These drugs primarily target unmet medical needs in neuropsychiatric and neurological disorders by influencing intracellular signaling pathways within the central nervous system (CNS) in the United States.
