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In a remarkable display of market confidence, Intra-Cellular Therapies (NASDAQ:ITCI) stock has soared to an all-time high, reaching a price level of $131.79. According to InvestingPro data, the company maintains a "GREAT" financial health score, with liquid assets exceeding short-term obligations by 6.4x, though technical indicators suggest the stock is currently overbought. This significant milestone underscores the biopharmaceutical company’s impressive performance over the past year, which has seen the stock’s value skyrocket by 90.3%. Investors have rallied behind Intra-Cellular Therapies, buoyed by promising developments in its drug pipeline and strong financial results, including remarkable revenue growth of 46.6% in the last twelve months. The stock is currently trading near its Fair Value according to comprehensive analysis available in the Pro Research Report, one of 1,400+ detailed company assessments on InvestingPro.
In other recent news, Intra-Cellular Therapies has announced significant developments regarding its merger with Johnson & Johnson. The company filed a supplemental proxy statement following lawsuits that claimed the initial statement contained material misrepresentations. Despite these claims, Intra-Cellular Therapies maintains that the merger consideration of $132 per share is fair. The merger has progressed with the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, satisfying a key condition for completion. Analysts have reacted to the merger, with Mizuho (NYSE:MFG) Securities downgrading Intra-Cellular Therapies from Outperform to Neutral, adjusting the price target to $132 from $140. Similarly, Canaccord Genuity downgraded the stock from Buy to Hold, while raising the price target to align with the acquisition offer. RBC Capital Markets also downgraded the stock to Sector Perform but increased the price target to $132. These adjustments reflect the anticipated closing of the acquisition, which is expected to enhance Johnson & Johnson’s neuropsychiatry portfolio.
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