Needham & Company Reiterates Intra-Cellular Therapies (ITCI) at Buy with $65 PT, Sees Caplyta's Growth Accelerating & Potentially Beating Expectations

Needham & Company analyst Ami Fadia reiterated a Buy rating and $65.00 price target on Intra-Cellular Therapies (NASDAQ: ITCI).

The analyst quotes: "We analyzed Caplyta's TRx trends post BPD launch vs historical analogues to evaluate if it can meet 2022 cons. of $211M. Caplyta's ramp post BPD launch has already exceeded Vraylar's and is comparable to Latuda's. While we have few data points so far, this initial trajectory is encouraging, particularly because at least a few initial weeks of the launch were likely impacted by COVID. We believe Caplyta's growth can be even faster than Latuda given its broader label and favorable safety. Our base case assumes 1.3x faster growth vs Latuda, driving 2022 sales of $213M; however, upside scenarios of 1.5x and 1.75x growth could drive sales of $230M (+9% vs cons) and ~$250M (+18% vs cons), respectively. We look for acceleration into 2Q22 to provide greater visibility into how the full year is likely to evolve. Reiterate Buy."

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 $61.48 yesterday.

By Vlad Schepkov

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