JPMorgan analyst Jessica Fye downgraded Intra-Cellular Therapies to Neutral from Overweight with a price target of $26, up from $19. While Caplyta for schizophrenia is differentiated in its safety profile versus other antipsychotics and should see a complete national launch from the start with many formulary reviews expected to occur in the first nine months, the 2020 consensus estimate of ~$50M sets a bar that will be difficult to meet, Fye tells investors in a research note. As such, the analyst sees risk for downward estimate revisions based on initial script trends. Further, the company's approaching bipolar depression readout "could break either way," contends Fye.