Intra-Cellular's antipsychotic drug sales to remain strong in 2023 - MS

Intra-Cellular Therapies

20/04/2023 16:39

** Brokerage Morgan Stanley initiates Intra-Cellular
Therapies Inc's  ITCI.O  stock coverage with "overweight" rating
and assigns PT of $80
    ** Believes sales for co's antipsychotic drug Caplyta will
remain strong in 2023 ahead of late-stage trial data in major
depressive disorder (MMD) adjunctive therapy
    ** The drug is used to treat patients with conditions such
as schizophrenia, episodes of depression associated with bipolar
disorder
    ** Brokerage adds shares will continue to rise if additional
drug script data and quarterly results continue to support the
potential for beating co's initial 2023 net product sales
guidance of $430 mln-$455 mln
    ** Sees additional upside in MDD and MDD with mixed features
for Caplyta, anticipating 65% and 70% probabilities of success,
respectively 
    ** Exact timing of data from the MDD late-stage studies
remains uncertain
    ** ITCI up ~16% so far in the year 

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))