Cowen analyst Ritu Baral sharply raised the price target on Outperform-rated Intra-Cellular Therapies (NASDAQ: ITCI) to $62.00 (from $29.00) ahead of the '007 Ph3 read-out.

The firm has increased conviction around the clinical success of the program. "We look forward for the first Ph3 read-out in Sept/Oct and Ph 2 schizophrenic patient PET data in close proximity," Baral said.

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Shares of Intra-Cellular Therapies closed at $29.00 yesterday.