Intra Cellular Therapies Gets Price Target Hike from Bank of America Analyst

Bank of America's Ashwani Verma raised their price target on Intra Cellular Therapies (NASDAQ: ITCI) by 10.8% from $74 to $82 on 2024/01/02. The analyst maintained their Strong Buy rating on the stock.

Verma told investors that their price target hike on Intra Cellular Therapies was catalyzed "by the one year added to Caplyta's loss of exclusivity runway to account for its longer-dated patents." Bank of America sees Caplyta as "positioned to continue to deliver growth in bipolar depression indication with multiple 2024 opportunities to expand the drug's label," the analyst added.

The positive outlook from Bank of America comes as 100% of top-rated analysts currently rate ITCI as a Strong Buy or Buy. Notably, no analysts see the stock as a Hold, and none recommend or strongly recommend selling it.

Since ITCI's last quarterly report on 2023/09/30, the stock price has surged by 31.5%. Looking at the bigger picture, the stock has gained 33.7% year-over-year. During this period, ITCI has outperformed the broader market, with the S&P 500 posting a gain of 23.3%.

Bank of America analyst Ashwani Verma, who issued the upgraded price target, is ranked by WallStreetZen in the top 26% out of 4,442 Wall Street analysts. Verma boasts an average return of 3.3% and a 44% win rate. Their specialization lies in the Healthcare and Technology sectors.

Intra-Cellular Therapies, Inc. is a biopharmaceutical company based in the United States. The company focuses on developing novel drugs for the treatment of neuropsychiatric and neurologic diseases by targeting intracellular signaling mechanisms within the central nervous system. Intra-Cellular Therapies offers CAPLYTA, which is used for the treatment of schizophrenia in adults. Additionally, the company is involved in the development of lumateperone, a drug currently in Phase III clinical trials for the treatment of bipolar depression, as well as to address autism spectrum disorder and other neuropsychiatric indications. The company is also working on other drugs, including Lenrispodun for Parkinson's disease and heart failure, ITI-1284-ODT-SL for neuropsychiatric disorders and behavioral disturbances in dementia, and ITI-333 for substance use disorders, pain, and psychiatric comorbidities.

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