Thursday, May 05, 2016 11:51:34 PM
$ITCI..$31.25..Leerink w/ 90% Strong conviction w/this one.
Leerink Partners reiterated an Outperform rating and $95.00 price target on Intra-Cellular Therapies (NASDAQ: ITCI) as ITI-007's 2nd phase 3 approaches. The stock has given back all its gain (52-wk high $60.79) since ITI-007 read out positive in its first Ph3 study in September 2015. While not required for regulatory success, if ITI-007's effect size comes within striking distance of Risperdal in the 2nd Ph3 study, Leerink believes this will translate into very strong upside from current levels.
Analyst Seamus Fernandez commented, "Our high conviction in the likelihood of ITI-007's (atypical antipsychotic) success in its 2nd Ph3 schizophrenia study (top-line readout mid- to late-summer 2016) leads to our recommendation of ITCI (OP) as the stock with the best risk/ reward profile in our coverage universe. We view the stock's recent significant decline, tied largely to the decline of the biotech sector and other CNS stocks, as an excellent buying opportunity."
Leerink Partners reiterated an Outperform rating and $95.00 price target on Intra-Cellular Therapies (NASDAQ: ITCI) as ITI-007's 2nd phase 3 approaches. The stock has given back all its gain (52-wk high $60.79) since ITI-007 read out positive in its first Ph3 study in September 2015. While not required for regulatory success, if ITI-007's effect size comes within striking distance of Risperdal in the 2nd Ph3 study, Leerink believes this will translate into very strong upside from current levels.
Analyst Seamus Fernandez commented, "Our high conviction in the likelihood of ITI-007's (atypical antipsychotic) success in its 2nd Ph3 schizophrenia study (top-line readout mid- to late-summer 2016) leads to our recommendation of ITCI (OP) as the stock with the best risk/ reward profile in our coverage universe. We view the stock's recent significant decline, tied largely to the decline of the biotech sector and other CNS stocks, as an excellent buying opportunity."
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