Fly News Breaks for August 12, 2019
Aug 12, 2019 | 08:29 EDT
Jefferies analyst Andrew Tsai started Intra-Cellular Therapies with a Buy rating and $16 price target. Investor confidence has reached a low point after the FDA recently canceled the company's advisory panel for lumateperone in schizophrenia, Tsai tells investors in a research note. However, the analyst sees a favorable setup at current share levels. He sees upside potential to $20 per share on FDA approval versus downside of $5 per share, or Intra-Cellular's cash position. The likely scenario is a new panel notification in September or October, a positive panel outcome in October or November, and FDA approval on December 27, says Tsai.
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