TD Cowen initiated coverage of Intra-Cellular with an Outperform rating and $75 price target. Intra-Cellular is developing small molecule candidates for several neuropsych and CNS disorders and lead asset Caplyta has received approvals in both schizophrenia and bipolar disorder, the analyst tells investors in a research note. The launch has progressed well to date, and TD Cowen expects Phase III MDD data in 1H24 could expand the product’s market even further. Additionally, development of a long-acting injectable formulation could provide an additional option for patients, and the firm is modeling peak U.S. sales across these two indications of ~$2.4B in 2033.
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