Baird analyst Joel Beatty initiated coverage of Intra-Cellular Therapies with an Outperform rating and $83 price target. The analyst believes the “strong sales trajectory” for the company’s lead agent Caplyta is poised to continue for the coming quarters. In addition, Intra-Cellular’s Phase 3 topline results in depression are likely to be successful, the analyst tells investors in a research note. However, Intra-Cellular’s valuation “does appear to have gotten a bit stretched” over the last couple of months of 2023, reducing some of the upside that might otherwise be expected from the Phase 3 trials, contends the firm.
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