Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) has seen a significant increase in holdings from DnB Asset Management AS during the second quarter of this year. According to the company’s recent filing with the Securities & Exchange Commission, DnB Asset Management AS raised its holdings in Intra-Cellular Therapies by 41.0%, purchasing an additional 4,151 shares. As a result, they now own 14,273 shares of the biopharmaceutical company’s stock, valued at $904,000.
This news comes after Intra-Cellular Therapies announced its earnings results for the second quarter on August 3rd. The company reported an EPS (earnings per share) of ($0.45), surpassing the consensus estimate of ($0.62) by $0.17. Despite experiencing a negative net margin of 50.40% and a negative return on equity of 28.63%, Intra-Cellular Therapies achieved revenue of $110.80 million during the quarter, higher than analyst predictions of $106.45 million. These figures indicate a substantial growth rate of 99.4% from the same period last year.
Looking ahead to the remainder of the fiscal year, sell-side analysts anticipate that Intra-Cellular Therapies will post -2.08 earnings per share for the current year.
In other news related to the company, CEO Sharon Mates recently sold 55,587 shares in a transaction on September 18th at an average price of $53.76 per share, resulting in total proceeds of $2,988,357.12. Following this sale, Mates now owns 1,094,722 shares directly and holds a value of $58,852,254.72 in the company’s stock.
Similarly, EVP Mark Neumann sold 55,300 shares of Intra-Cellular Therapies’ stock on August 7th at an average price of $58.79 per share, totaling $3,251,087.00. As a result, Neumann now holds 45,339 shares valued at approximately $2,665,479.81. These transactions were disclosed in documents filed with the SEC and can be accessed through their website.
It is worth noting that overall insider activity has been significant, with insiders selling a total of 112,729 shares valued at $6,359,174 over the past three months. Insiders currently hold 3.40% of Intra-Cellular Therapies’ stock.
This article highlights the recent increase in holdings by DnB Asset Management AS in Intra-Cellular Therapies and provides insights regarding the company’s earnings results and insider activities. Investors and analysts will continue to monitor these developments as they evaluate the potential future growth of Intra-Cellular Therapies within the biopharmaceutical industry.
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Institutional Investors Drive Growth in Intra-Cellular Therapies: Stock Price Fluctuations and Positive Analyst Reports
Institutional investors are making significant changes to their holdings of Intra-Cellular Therapies, a biopharmaceutical company. One notable example is AlphaCentric Advisors LLC, which increased its position in the company by a staggering 240% during the first quarter of this year. They now own 25,500 shares of Intra-Cellular Therapies, valued at $1,381,000 after acquiring an additional 18,000 shares in the last quarter.
Pictet Asset Management SA also saw growth in its stake in the company. The firm increased its position in Intra-Cellular Therapies by 18.3% during the first quarter, owning a total of 1,181,604 shares valued at $63,984,000 after purchasing an additional 182,612 shares.
Truist Financial Corp and Connor Clark & Lunn Investment Management Ltd. also experienced growth in their positions in Intra-Cellular Therapies during the same period. Truist Financial Corp now owns 59,967 shares worth $3,247,000 following an increase of 29.2%. Connor Clark & Lunn Investment Management Ltd. now owns 17,597 shares valued at $931,000 after enjoying a gain of 59.6%.
Global Retirement Partners LLC experienced the most significant growth in its position in Intra-Cellular Therapies. The company’s holdings expanded by a staggering 3,750% during the first quarter. Global Retirement Partners LLC now owns 1,540 shares worth $97,000 following an additional purchase of 1,500 shares.
Institutional investors currently own a substantial portion of Intra-Cellular Therapies’ stock at approximately 86.94%, indicating strong investor interest and confidence.
On Wednesday’s market opening session on September 20th, Intra-Cellular Therapies’ stock opened at $54.36. Over the past year, the stock has ranged from a low of $42.01 to a high of $67.05. With a market capitalization of $5.21 billion, Intra-Cellular Therapies’ stock price has been experiencing volatile fluctuations.
Analyst reports on Intra-Cellular Therapies have been positive overall, with several analysts expressing bullish views on the company’s future prospects. UBS Group, for instance, raised their target price on the stock from $74.00 to $80.00 in a research report released on June 30th.
Morgan Stanley also reiterated their “overweight” rating and issued a target price of $80.00 in an August 4th research report. JPMorgan Chase & Co., Royal Bank of Canada, and Cantor Fitzgerald have also upped their price targets on Intra-Cellular Therapies as well.
Based on data from Bloomberg, analysts currently rate Intra-Cellular Therapies as a “Moderate Buy” with an average consensus price target of $78.78.
To stay updated with the latest news and developments surrounding Intra-Cellular Therapies, readers can refer to our latest report on the company available for further analysis and insights into its performance and future outlook.
