UPDATE: Piper Jaffray Upgrades Intra-Cellular Therapies (ITCI) to Overweight; Trial Shows Luma' Differentiated

September 7, 2017 12:29 PM EDT
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Price: $36.49 -3.87%

Rating Summary:
    16 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 5 | New: 35
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(Updated - September 7, 2017 1:01 PM EDT)

Piper Jaffray upgraded Intra-Cellular Therapies (NASDAQ: ITCI) from to Overweight with a price target of $33.00 (from $14.00) after the company announced positive topline data from the first part of an open-label safety switching study in which 302 patients with stable symptoms of schizophrenia were switched from standard-of-care antipsychotic medications to lumateperone (ITI-007 60 mg) with no dose titration of lumateperone required for a 6-week treatment duration, then switched back to standard-of-care.

Analyst Charles Duncan sees this morning's trial data as "providing some of the strongest evidence to date that luma' is differentiated vs SOC on a range of side effects that are highly relevant to patients and payers, while also offering sufficient efficacy."

Duncan highlighted three new and important take-aways from the program: 1) Metabolic parameters, weight, and prolactin all improved while on luma’ vs SOC (to be presented in a future peer-reviewed forum); 2) Luma’ somnolence
appears more manageable with dosing in the PM vs AM; and 3) Schizophrenia symptoms did not worsen for the 6 weeks on luma’.

Further, Duncan said the switching results should reduce regulatory risk for the schizophrenia filing in the next 12 months.

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 $18.97 yesterday.

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