Intra-Cellular Therapies (ITCI) PT Raised to $81 at JPMorgan

JPMorgan analyst Jessica Fye raised the price target on Intra-Cellular Therapies (NASDAQ: ITCI) to $81.00 (from $79.00) while maintaining a Overweight rating.

The analyst comments "We are updating our estimates to reflect ITCI’s healthy 2Q results and new FY24 Caplyta guidance. Our new 2024 Caplyta revenue estimate is $656mm (cons: $668mm). In 2H24, we see ITCI ramping up the sales force by ~150 to expand reach and frequency in primary care offices, and we expect another expansion in conjunction with the adj MDD approval (expected in 2H25). Bigger picture, with line of sight to approval in adj MDD, a multi-billion dollar peak potential product
already poised to deliver >$650mm of sales this year, and the company well funded, we see ITCI in a strong position to drive another inflection in Caplyta revenue with this new indication and see the company’s profile as strategically attractive. Reiterate Overweight."

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