Intra-Cellular Therapies (ITCI): CNS Summit Data Supports KOL Observations, Reit Overweight - PiperJaffray
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Piper Jaffray analyst, Charles Duncan, reiterated his Overweight rating on shares of Intra-Cellular Therapies (NASDAQ: ITCI) after the company announced oral and poster presentations of its ITI-007 (Lumateperone) program in schizophrenia at the recent CNS Summit.
The presentations outlined potential confounders of the infamous 302 trial, including a high placebo response; however, the broader focus was on the programmatic totality of efficacy, differentiating safety, and tolerability of ‘007 across these late-stage trials. Based on these results, two well controlled and positive US trials, positive feedback at CNS Summit and the analyst's recent KOL call, he continues to believe that Intra-Cellular may have a data package in schizophrenia which could support NDA submission.
The development and regulatory path forward continues to be a point of debate but the analyst suggests buying in advance of a possible FDA meeting and guidance for ‘007 (possibly in the next 3 months).
No change to the price target of $22.
Shares of Intra-Cellular Therapies closed at $12.40 yesterday.
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Related EntitiesPiper Jaffray, The Children's Investment Fund (TCI), Charles Duncan
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