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Tag: ITCI

  • Intra-Cellular Therapies Inc. (ITCI) stock Dives Deep Pre-Market on Public Offering Announcement

    On January 03, Intra-Cellular Therapies Inc. (ITCI) announced a proposed public offering of its common stock. Following the announcement, the stock plummeted deep in the pre-market session.

    During the regular session, the stock varied between a high of $52.68 and a low of $50.79 at 552.87K shares. ITCI closed the session with a slight loss of 0.61% at $52.02 on Monday. After the emergence of the news, the stock nose-dived in the premarket to reach $48.00 apiece. Hence, it lost 7.73% or $4.02.

    The New York-based biopharmaceutical company, Intra-Cellular Therapies Inc. was founded in 2013. Moreover, the company has a market capitalization of $4.26 billion with its 81.46 million shares outstanding.

    ITCI’s Proposed Public Offering

    According to Monday’s announcement, the company has initiated an underwritten public offering of $400 million common stock shares. Moreover, a 30-day option for buying an additional 15% of its offered common stock shares, is also expected to be granted to the underwriters.

    Furthermore, the joint book-running managers for the offering are J.P. Morgan, SVB Leerink, BofA Securities, Evercore ISI, and RBC Capital Markets.

    In addition, the actual size, terms, or closing of the offering were not disclosed in the announcement.

    Recent Developments

    Some of the recent developments of the company include:

    Participation

    On January 03, the company further announced its participation in the 40th Annual J.P. Morgan Healthcare Conference. The conference will be held on Monday, January 10, 2022.

    Furthermore, the chairman and CEO of ITCI will be presenting at the conference.

    FDA Approval

    On December 20, the company announced the FDA approval of its CAPLYTA for treating depressive episodes associated with bipolar disorder. Moreover, the therapy has been approved both as a monotherapy and as adjunctive therapy with lithium or valproate.

    Furthermore, the positive Phase 3 placebo-controlled bipolar depression (from bipolar disorder I & II) studies were the basis for the approval. These studies resulted in statistically significant improvements against the placebo. In addition, CAPLYTA also produced a favorable tolerability and safety profile.

    ITCI’s Financials

    On November 09, the company disclosed its financial results for the third quarter of 2021.

    In the third quarter of 2021, ITCI generated total revenues of $22.2 million, against $7.4 million in Q3 of 2020.

    Moreover, the company incurred a net loss of $72.9 million in the third quarter of 2021. This compares to $55.2 million in the Q3 of 2020.

  • Intra-Cellular Therapies [ITCI] Rallies on positive news on depression treatment

    Intra-Cellular Therapies [ITCI] Rallies on positive news on depression treatment

    The markets are up this afternoon after days in the red. Most stocks are up, and some like Intra-Cellular Therapies [NASDAQ: ITCI] are recording exponential gains. This stock is currently up by over 60% and gaining. This bullish breakout has seen the stock reverse all the losses it incurred over the past 3 months, and if it holds, could see the stock enter a new bull rally.

    Today’s breakout comes after the company announced that it had got positive results from its study that was analyzing Lumateperone when used as adjunctive therapy in people suffering from bipolar depression. Delving into the details of the deal, the company stated that 42 mg of Lumeteperone had shown primary results that are statistically significant, and that it also met its secondary endpoints.

    The company added that it was expecting to submit an SNDA (supplementary new drug application) for it to the FDA later this year or in early 2021.  The company added that the study had returned an acceptable safety and tolerability profile that was fully in line with the company’s other trials on the treatment. The company further stated that all side effects including the rate of akathisia, changes in weight, extrapyramidal symptoms and restlessness were all the same as the placebo.

    Commenting on the development, CEO Dr Sharon Mates stated that the program had confirmatory evidence of efficacy and that it had positive safety and tolerance in people with bipolar depression. He added that with the achievement of this clinical milestone, the treatment had the potential to improve the lives of people suffering from a wide array of mental health conditions, including schizophrenia.

    What next?

    With the progress that it has made with this treatment, the stock is well-positioned to grow in the near-term for several reasons. First, on the expectation of growth as the treatment gets closer to going to market, investors are likely to keep bidding up the stock. Secondly, the stock could see its value grow long-term if this treatment goes through the various steps and is approved by the FDA. That’s because it would significantly add to its bottom-line. This increase in intrinsic value would see the stock keep gaining in the near-term.

    The stock also stands to gain from the increased upside momentum in the market. As markets rise, stocks with strong fundamentals stand to outperform the market.

    About Intra-Cellular Therapies Inc

    Intra-Cellular Therapies Inc is a biotech company that makes new treatments for neurological diseases. It is based in New York, New York.