Intra-Cellular Therapies (ITCI) PT Cut to $22 at Piper Jaffray; Thinks Trial Not Drug a Failure
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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.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, FDA
Related EntitiesPiper Jaffray, The Children's Investment Fund (TCI), Charles Duncan
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