Piper Sandler Upgrades Intra-Cellular Therapies (ITCI) to Overweight

Piper Sandler analyst David Amsellem upgraded Intra-Cellular Therapies (NASDAQ: ITCI) from Neutral to Overweight with a price target of $92.00 (from $68.00).

The analyst said: "Feedback from our survey of 25 psychiatrists was suggestive of a patient/prescription (Rx) volume footprint for Caplyta as adjunctive treatment for major depressive disorder (MDD) that is similar to the one that AbbVie (ABBV; Raymond) is carving out for Vraylar in this setting. That has us rethinking peak U.S. sales potential for Caplyta, with peak sales approaching or exceeding $4B realistic in our view (Vraylar U.S. sales should exceed $3B this year, its second full year following its label expansion in MDD in December 2022). That backdrop makes for a fundamentally more benign risk/reward profile (e.g., much more operating leverage; refer to Exhibits 1 and 2 for more details on our DCF analyses) even when considering the uncertainty associated with the Caplyta's exclusivity runway."

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 $72.42 yesterday.

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