Intra-Cellular Therapies (ITCI) PT Cut to $22 at Piper Jaffray; Thinks Trial Not Drug a Failure
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial 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
- Drexel Hamilton Raises Price Target on Workday (WDAY) Following 3Q Beat
- Galena Biopharma (GALE) PT Raised to $4 at Maxim Group into San Antonio Breast Cancer Symposium
- Jefferies Raises Price Target on Zumiez, Inc. (ZUMZ) to $23 Following 3Q
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!