Canaccord raised the firm’s price target on Intra-Cellular to $98 from $93 and keeps a Buy rating on the shares after the company reported Phase 3 data for Caplyta, or lumateperone, as a monotherapy in mixed features in patients with major depressive disorder or bipolar depression. The firm notes data appear even stronger versus its cautiously optimistic take ahead of release. Separately, Canaccord points out that Caplyta is firing nicely on its approved indications, with a solid 2023 sales outlook. Given these dynamics, the firm believes Intra-Cellular is well on its way to building a very meaningful franchise around Caplyta and is undervalued on this alone.
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