Positive data from Intra-Cellular Therapies ' latest study could herald further success for the biotechnology stock, according to Canaccord Genuity. The financial firm stood by its buy rating on the biopharma name but raised its price target 6%, to $113 from $107. The updated forecast implies that shares of Intra-Cellular Therapies could soar nearly 50% from their Tuesday close at $75.48.
"We view these data as even more impressive as they are very consistent with the recent solid Phase 3 data from Study 501, as MDD is a difficult indication to run successful trials in," the analyst said, adding that the company could now file a supplemental new drug application by the second half of this year. "We believe the solidity of the Phase 3 data means an approval for luma in MDD is more of a when, not if.
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