Intra-cellular therapies president sells $3.69 million in stock

BEDMINSTER, N.J.—Michael Halstead, President of Intra-Cellular Therapies, Inc. (NASDAQ:), reported significant stock transactions this week. On November 12 and 13, Halstead sold a total of 41,483 shares of common stock, generating approximately $3.69 million. The sales were executed at prices ranging from $88.17 to $90.89 per share.

Additionally, Halstead exercised stock options, acquiring 41,583 shares on the same dates at prices of $23.94 and $36.89 per share. These transactions were conducted under a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell company stock, helping to avoid potential claims of insider trading.

Following these transactions, Halstead no longer holds any shares directly. Intra-Cellular Therapies is a pharmaceutical company focused on developing treatments for neuropsychiatric and neurological disorders.

In other recent news, Intra-Cellular Therapies, Inc. has reported promising results from a study evaluating lumateperone as a maintenance treatment for adults with schizophrenia. The study found that lumateperone significantly extended the time to relapse for patients compared to a placebo. Furthermore, the company has reported a substantial increase in Q3 2024 net sales of its flagship product, CAPLYTA, totaling $175.2 million, a 39% surge compared to the same quarter in the previous year. This robust growth has led the company to elevate its full-year 2024 net sales guidance to a range of $665 million to $685 million. Analysts at various firms have noted the company's strong financial position, with $1 billion in cash and investments as of September 30, 2024. They also pointed out the potential market for CAPLYTA in treating bipolar II depression and MDD. These are recent developments that have been reported by the company.

InvestingPro Insights

The recent stock transactions by Intra-Cellular Therapies' President Michael Halstead come at a time when the company's stock is performing strongly. According to InvestingPro data, ITCI has seen a robust 54.55% price total return over the past year, and is currently trading near its 52-week high, with the price at 93.77% of its peak.

This performance aligns with the company's impressive revenue growth. InvestingPro data shows that ITCI's revenue grew by 46.08% over the last twelve months, reaching $613.73 million. The company's quarterly revenue growth of 39.0% in Q3 2024 further underscores its strong market position.

Despite these positive indicators, it's worth noting that ITCI is not yet profitable, with an adjusted operating income of -$121.62 million over the last twelve months. This is reflected in one of the InvestingPro Tips, which states that analysts do not anticipate the company will be profitable this year.

However, another InvestingPro Tip highlights that ITCI holds more cash than debt on its balance sheet, indicating a solid financial position. This, combined with the fact that liquid assets exceed short-term obligations, suggests the company has the financial flexibility to continue investing in its growth initiatives.

For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for ITCI, providing a deeper insight into the company's financial health and market position.

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