Intra-Cellular price target lowered to $66 from $72 at Mizuho

Mizuho analyst Graig Suvannavejh lowered the firm’s price target on Intra-Cellular to $66 from $72 and keeps a Buy rating on the shares. The analyst came away from Intra-Cellular’s Q4 report "somewhat mixed." The firm remains encouraged by fundamental strength in Caplyta’s performance and a 2023 revenue guide that topped estimates. However, the announcement of a new Phase 3 major depressive disorder study for Caplyta comes as a negative surprise, raising concerns around potential success in the two ongoing Phase 3 studies reading out within the next 12-15 months, the analyst tells investors in a research note.