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Here’s why Intra-Cellular Therapies, Inc. (ITCI) Stock Dropped in Aftermarket

Intra-Cellular Therapies, Inc. (ITCI) is a leading novel biotherapeutic company developing therapies for treating neuropsychiatric and neurologic patients. The company also treats schizophrenia patients using CAPLYTA. Another lead product candidate is lumateperone for treating bipolar depression, autism spectrum disorder and sleep disorders. Also, various drugs are under processing for Parkinson’s disease and dementia

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The price of ITCI stock during the regular trading on January 3, 2022 was $52.02 with a slight decline of 0.61%. At last check in the aftermarket, the stock further dipped by 7.73%.

ITCI: Events and Happenings

On January 03, 2022, ITCI reported about the commencement of underwritten public offering of $400 million shares of its common stock. In addition, the company intended to allow a 30-day option to acquire an extra 15% of the shares of common stock. On January 03, 2022, ITCI reported that the company’s executives will present at the 40th Annual J.P. Morgan Healthcare Conference on January 10, 2022.

On December 20, 2021, ITCI reported about the approval of CAPLYTA for treating bipolar disorder by FDA. FDA approved CAPLYTA as monotherapy and as adjunctive therapy with lithium or valproate.

ITCI: CEO Comments

Speaking at the occasion, Dr. Sharon Mates, CEO of the company said that CAPLYTA had shown a consistent favorable profile on weight, cardiometabolic parameters and extrapyramidal symptoms. He further added that the company was excited to offer the therapy to patients around the world and is hoping to launch it immediately.

ITCI: Key Financials

On November 09, 2021, ITCI reported about its financial results for the third quarter ended September 30, 2021. Some of the key highlights are as follows.

Revenue and Assets

Total revenue was $22.2 million for the third quarter of 2021 as compared to $7.4 million for the same quarter of 2020. Total current assets of the company for third quarter 2021 were $533 million.

Net Loss Per Share

Basic and diluted net loss for the third quarter of 2021 was $76.9 million or $0.95 per share as compared to a net loss of $55.2 or million or $0.79 per share for the same period in 2020.

On October 08, 2021, ITCI reported about hosting an event virtually to debate upon the Company’s vigorous pipeline projects on October 20, 2021. On September 27, 2021, ITCI reported about the publication of its article titled ‘Efficacy and Safety of Lumateperone for Major Depressive Episodes Associated with Bipolar I or Bipolar II Disorder: A Phase 3 Randomized Placebo-Controlled Trial’ in The American Journal of Psychiatry.

Conclusion

The company’s stock is 47% up as compared to the past month. The recent aftermarket decline is most probably the product of company’s recent announcement of the proposed public offering. The analysts are optimistic that the current pipeline projects will become a source of future investments in the company.

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