Intra-Cellular Therapies (ITCI): CNS Summit Data Supports KOL Observations, Reit Overweight - PiperJaffray

November 1, 2016 6:24 AM EDT
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Price: $13.66 +0.59%

Rating Summary:
    7 Buy, 2 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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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.

For an analyst ratings summary and ratings history on Intra-Cellular Therapies click here. For more ratings news on Intra-Cellular Therapies click here.

Shares of Intra-Cellular Therapies closed at $12.40 yesterday.

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