Piper Remains Constructive on Intra-Cellular Therapies (ITCI) Following Q3 Report; Affirms at 'Overweight'

November 9, 2016 12:39 PM EST
Get Alerts ITCI Hot Sheet
Price: $37.15 -1.62%

Rating Summary:
    16 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 10 | Down: 12 | New: 30
Trade Now! 
Join SI Premium – FREE

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

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.

For an analyst ratings summary and ratings history on Intra-Cellular Therapies click here. For more ratings news on Intra-Cellular Therapies click here.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS View

Related Entities

Piper Jaffray, The Children's Investment Fund (TCI), Charles Duncan