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Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) has reported notable transactions by its Chairman and CEO, Sharon Mates. According to the latest filings, Mates engaged in both buying and selling of the company's common stock.
Mates executed sales of common stock totaling approximately $7.05 million. The transactions occurred over three days, with prices ranging from $72.7414 to $74.5929 per share. On August 26, Mates sold 22,713 shares at an average price of $74.5929. The following day, 23,657 shares were sold at an average price of $73.3341, and 16,856 shares at $73.9316. On August 28, an additional 32,459 shares were sold at an average price of $72.7414, along with a smaller transaction of 240 shares at $73.7.
In addition to the sales, Mates also acquired shares through exercising options at a set price of $17.57 per share. On August 26, 22,713 shares were acquired, followed by 40,513 shares on August 27, and 32,699 shares on August 28, totaling an investment of approximately $1.69 million.
The sales were conducted under a Rule 10b5-1 trading plan, which Mates had adopted on May 22, 2024. This plan allows company insiders to set up a predetermined schedule to sell stocks at a time when they are not in possession of material non-public information, providing a defense against claims of insider trading.
The shares sold were originally issued upon the exercise of stock options that are set to expire on January 2, 2025. These options were granted with an exercise price of $17.57 per share and have fully vested.
Following these transactions, the updated holdings of Mates were not disclosed in the summary of the filing. However, investors and interested parties can request full information regarding the number of shares sold at each separate price within the range from Intra-Cellular Therapies.
Intra-Cellular Therapies, headquartered in New York, is a biopharmaceutical company focused on the development of therapeutics for the treatment of central nervous system disorders.
In other recent news, Intra-Cellular Therapies has reported robust growth in Q2 2024, marked by significant advancements and strong financial performance. The company's flagship product, CAPLYTA, showed a 46% increase in net product sales year-over-year, reaching $161.3 million. The firm also announced positive outcomes from two Phase III trials for CAPLYTA in major depressive disorder (MDD) and plans to submit a supplemental New Drug Application later this year.
Intra-Cellular Therapies has also revised its sales forecast for CAPLYTA, estimating full-year sales between $650 million and $680 million. The company's financial health remains strong, with over $1 billion in cash and investments. Plans are also underway to expand the salesforce to capture more market share in bipolar depression and potentially in MDD following expected label expansion.
These developments are part of Intra-Cellular Therapies' strategic focus on expanding the use of CAPLYTA to additional markets. The company is confident about CAPLYTA's potential to become a leading medication for MDD and is expanding its commercial infrastructure in anticipation of CAPLYTA's label expansion. However, no guidance on profitability was provided during the earnings call.
InvestingPro Insights
In light of the recent transactions by Intra-Cellular Therapies, Inc.'s (NASDAQ:ITCI) Chairman and CEO, Sharon Mates, investors may be curious about the company's financial health and market performance. Here are some insights based on current data and analysis from InvestingPro:
The company holds a robust financial position with more cash than debt on its balance sheet, which is a reassuring sign for investors concerned about the company's liquidity. This is supported by the fact that Intra-Cellular Therapies' liquid assets exceed its short-term obligations, indicating a strong ability to meet its immediate financial commitments (InvestingPro Tip).
Despite Mates' recent stock transactions, it's worth noting that Intra-Cellular Therapies has experienced substantial revenue growth over the last year, with a reported increase of 54.31% in the last twelve months as of Q2 2024. This growth is reflected in the company's gross profit margin, which stands at an impressive 58.83% for the same period (InvestingPro Data).
However, the company's P/E Ratio is currently negative at -84.72, which suggests that the market expects future earnings to be stronger than the recent past. This is in line with the InvestingPro Tip that analysts do not anticipate the company to be profitable this year, and that it has not been profitable over the last twelve months.
For investors looking to delve deeper into Intra-Cellular Therapies' performance metrics and investment potential, there are an additional 6 InvestingPro Tips available, which include insights on the company's long-term return performance and its trading multiples.
As of the latest update, Intra-Cellular Therapies has a market capitalization of $7.81 billion and is trading at a high Price/Book multiple of 6.82. While the company does not pay dividends, it has demonstrated a strong return over the last five years, which may be of particular interest to growth-focused investors (InvestingPro Tips).
For those interested in more detailed analysis and additional metrics, more InvestingPro Tips can be found at: https://www.investing.com/pro/ITCI.
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