Shares of biopharmaceutical company Intra-Cellular Therapies (NASDAQ:ITCI) are trending upward today after it announced positive results from a trial evaluating lumateperone for the treatment of Major Depressive Disorder (MDD) patients.
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The drug is targeting MDD patients with mixed features as well as patients suffering from bipolar depression. The drug demonstrated a statistically significant and clinically meaningful decrease in the MADRS (Montgomery Asberg Depression Rating scale) score versus placebo and achieved its primary endpoint.
Further, the drug was observed to be generally safe and well tolerated and the company now plans to discuss the findings with the U.S. Food and Drug Administration and take the next steps in developing the program.
In the U.S., bipolar disorders impact around 11 million people and MDD impacts around 21 million people.
Overall, Wall Street has a $72 consensus price target on ITCI indicating a 50% potential upside in the stock. That’s on top of a 5.7% gain in the share price in the past five sessions.
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