Intra-Cellular Therapies (ITCI +5.2%) adds to gains after shares tripled yesterday following the FDA approval of the company’s Caplyta (lumateperone) for the treatment of schizophrenia, with plans for a commercial launch in Q1 2020.
Canaccord analyst Sumant Kulkarni raises his price target to $65 from $29 for Buy-rated ITCI, seeing clear potential for further upside since luma is in late-stage development for other large indications.
Also, BTIG analyst Robert Hazlett hikes his ITCI price target to $73 from $34.
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