Intra-Cellular Therapies (ITCI) PT Cut to $22 at Piper Jaffray; Thinks Trial Not Drug a Failure
- Wall St. rises amid robust earnings, GDP data
- FBI to review more emails related to Clinton's private email use: letter
- Unusual 11 Mid-Day Movers 10/28: (GRVY) (VRTS) (ITGR) Higher; (OPXA) (SNMX) (STON) Lower
- ExxonMobil (XOM) Tops Q3 EPS by 5c; CapEx Light of Views
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Piper Jaffray analyst Charles Duncan slashed his price target on Intra-Cellular Therapies (NASDAQ: ITCI) to $22.00 (from $57.00) after the company announced that its second P3 in schizophrenia failed to meet the primary endpoint, with ‘007 generating improvements in the PANSS that were over-shadowed by a higher-than-expected placebo response. The analyst maintained an Overweight rating.
The analyst thinks the trial was a failure not the drug.
Duncan commented, "We expect sentiment for this name to be challenged for the next ~6mos, pending further data and the outcome of an FDA meeting, and are cutting our PT to $22. However despite execution-related issues with 302, we believe '007 is still a viable, differentiated drug candidate for treating psychosis and other symptoms. We continue to see a regulatory path forward in schizophrenia, with options including another trial or submission on the current data - with/without bipolar. Overall, while there is heightened risk and reduced visibility in the near-term for ITI-007, we see the current down draft (the stock traded at ~$14 after hours) as a buying opportunity for patient investors. We reiterate OW in advance of regulatory/data updates which may come as soon as early ‘17."
Shares of Intra-Cellular Therapies closed at $42.35 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Leerink Partners Downgrades McKesson (MCK) to Market Perform
- Oppenheimer Raises Price Target on Wex, Inc. (WEX) Following 3Q Report
- Imperial Capital Downgrades Brinks Co. (BCO) to In-Line
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, FDA
Related EntitiesPiper Jaffray, The Children's Investment Fund (TCI), Charles Duncan
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!