In a report released yesterday, Sumant Kulkarni from Canaccord Genuity maintained a Buy rating on Intra-Cellular Therapies (NASDAQ: ITCI), with a price target of $31. The company’s shares closed yesterday at $23.40, close to its 52-week high of $25.82.
Kulkarni noted:
“We are reiterating our BUY rating heading into these events, and our thesis on ITCI is unchanged. In short, we believe that lumateperone, if approved, could become a meaningful competitor in the schizophrenia market with its benign safety/tolerability profile so far vs. the current standard of care. We also note the neuropsychiatry space is getting more interesting (see here) and stocks of companies with promising later-stage assets in the space present scarcity value. Our DCF-based price target of $31 is unchanged and represents ~32% upside potential from current levels.”
According to TipRanks.com, Kulkarni is a 3-star analyst with an average return of 3.8% and a 50.7% success rate. Kulkarni covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Alder Biopharmaceuticals, and Voyager Therapeutics Inc.
Currently, the analyst consensus on Intra-Cellular Therapies is Strong Buy and the average price target is $28, representing a 19.7% upside.
In a report released yesterday, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $28 price target.
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The company has a one-year high of $25.82 and a one-year low of $9.35. Currently, Intra-Cellular Therapies has an average volume of 444.4K.
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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, I
