Piper Remains Constructive on Intra-Cellular Therapies (ITCI) Following Q3 Report; Affirms at 'Overweight'
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Piper Jaffray affirms Intra-Cellular Therapies (Nasdaq: ITCI) with an Overweight rating and $22 price target following Q3 results and update issued earlier Wednesday.
Analyst Charles Duncan noted the following:
It ended 3Q16 with $413M in cash available for operations, which should fund the pipeline into 2H18. Intra-Cellular has requested an FDA meeting to discuss its ITI-007 (lumateperone) data package in schizophrenia and expects to provide an update on these interactions during 1Q17. At 4Q16 medical meetings, we may see further analyses from the late-stage ‘007 trials which build upon the insights and positive KOL feedback recently reported at CNS Summit.
Following today’s updates, we’re staying constructive on ITCI shares in advance of near-term regulatory feedback which could point to a 2017 NDA. In 2017 we also expect clinical progress in bipolar depression, including enrollment completion for both 6-week Phase IIIs possible by YE17. Pending anticipated regulatory progress for ‘007 in the next 3-6 months, which may remove some of the current overhang on the stock, we reiterate OW.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Related EntitiesPiper Jaffray, The Children's Investment Fund (TCI), Charles Duncan
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