Piper Sandler has upgraded the stock of Intra-Cellular Therapies Inc (NASDAQ: ITCI) to “Overweight”, as it highlighted sales potential for Intra-Cellular’s Caplyta.
The investment bank also revised up its 12-month price target on the shares to $92.00 from $68.00.
According to Piper Sandler, a survey of 25 psychiatrists showed that the patient/prescription volume footprint for Caplyta as an adjunctive therapy for major depressive disorder was similar to that of AbbVie’s Vraylar.
Piper Sandler said it now expected potential peak US sales for Caplyta to be near or above $4 billion.
Stock Performance
The shares of Intra-Cellular Therapies Inc (ITCI) closed 1.55% ($1.12) higher at $73.54 on Nasdaq on Friday, as they snapped a three-day streak of losses.
The company’s total market cap now stands at $7.771 billion.
The shares of Intra-Cellular Therapies Inc (ITCI) went up 35.34% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have risen 2.68% so far this year.
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