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Intra-Cellular (ITCI) Moves 23.3% Higher: Will This Strength Last?

Zacks Equity Research
·2-min read

Intra-Cellular Therapies (ITCI) shares rallied 23.3% in the last trading session to close at $79.84. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 0.9% loss over the past four weeks.

The sudden soaring of the share price was observed after the company announced meeting primary and key secondary endpoints in its phase III Study 501 evaluating lumateperone 42 mg as an adjunctive therapy to antidepressants for the treatment of major depressive disorder. A second phase III study, Study 502, is also currently ongoing, evaluating lumateperone 42 mg for the same indication. Topline data readout from Study 502 is expected later in the second quarter of 2024.

This biopharmaceutical company is expected to post quarterly loss of $0.33 per share in its upcoming report, which represents a year-over-year change of +28.3%. Revenues are expected to be $140.3 million, up 47.2% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

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For Intra-Cellular, the consensus EPS estimate for the quarter has been revised 4.1% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on ITCI going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Intra-Cellular belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Precision BioSciences (DTIL), closed the last trading session 1.5% lower at $12.87. Over the past month, DTIL has returned 11.3%.

Precision BioSciences' consensus EPS estimate for the upcoming report has changed +30.1% over the past month to -$0.45. Compared to the company's year-ago EPS, this represents a change of +93.5%. Precision BioSciences currently boasts a Zacks Rank of #2 (Buy).

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Intra-Cellular Therapies Inc. (ITCI) : Free Stock Analysis Report

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Zacks Investment Research