UPDATE: JMP Securities Initiates Coverage On Intra-Cellular Therapies

Jason Butler of JMP Securities initiated coverage of

on Tuesday with a Market Outperform rating and $26 price target. “Intra-Cellular Therapies is focused on the development of ITI-007, a novel antipsychotic candidate currently in Phase 3 development for the treatment of schizophrenia,” Butler wrote in a note. The analyst adds that ITI-007 demonstrated “significant efficacy” in a 335-patient Phase 2 trial along with a “favorable safety profile.” Butler anticipates the results of the Phase 3 trial in the fourth quarter 2015 while a second Phase 3 trial should begin in the first half of 2015. The analyst thinks the potential for the drug is “attractive” given a “strong mechanistic rationale and clinical results.”