UPDATE: Piper Jaffray Upgrades Intra-Cellular Therapies (ITCI) to Overweight; Trial Shows Luma' Differentiated
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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.
Shares of Intra-Cellular Therapies closed at $18.97 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Upgrades, Upgrades
Related EntitiesPiper Jaffray, The Children's Investment Fund (TCI), Charles Duncan
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