UBS downgraded Intra-Cellular to Neutral from Buy with a price target of $83, down from $85. The firm’s previous thesis of high-conviction on positive outcome in Caplyta’s depression trials has played out and following “two remarkable data read-outs” it now sees limited upside potential for the stock with a lack of near-term clinical catalysts, the analyst tells investors. The stock’s move is contingent on Caplyta’s 2024 and 2025 sales to uplift sentiment, but the firm does not see either significant upside or downside for Caplyta sales, the analyst added.
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