Intra-Cellular Therapies (ITCI) PT Raised to $96 at Mizuho

Mizuho analyst Graig Suvannavejh raised the price target on Intra-Cellular Therapies (NASDAQ: ITCI) to $96.00 (from $82.00) while maintaining a Buy rating.

The analyst comments "On the heels of the first Phase 3 data in major depressive disorder/MDD for ITCI's lead asset lumateperone/Caplyta that were announced last week (LINK), we're raising our 12-month PT 17% higher to $96 vs. our prior $82, where key changes to our model include: (1) increasing our POS to 80% vs. our prior 65%, and (2) increasing our peak risk-unadj./adj. annual Caplyta estimates in MDD to $1.9bn/$1.5bn from a prior $1.6bn/$1.0bn on stronger than expected data. With 33% upside to our new PT, and also increased confidence in upcoming topline data from the second Phase 3 study for Caplyta in MDD, we reiterate our Buy rating on ITCI, a Mizuho top pick for April."

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