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Is Intra-Cellular Therapies Inc (ITCI) A Good Stock To Buy?

We at Insider Monkey have gone over 700 13F filings that hedge funds and prominent investors are required to file by the government. The 13F filings show the funds’ and investors’ portfolio positions as of September 30th. In this article, we look at what those funds think of Intra-Cellular Therapies Inc (NASDAQ:ITCI) based on that data.

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Intra-Cellular Therapies Inc has seen an increase in support from the world’s most elite money managers recently. At the end of this article we will also compare ITCI to other stocks including Great Western Bancorp Inc (NYSE:GWB), Polycom Inc (NASDAQ:PLCM), and Evertec Inc (NYSE:EVTC) to get a better sense of its popularity.

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According to most traders, hedge funds are viewed as underperforming, outdated investment tools of the past. While there are more than 8000 funds trading at present, Experts at Insider Monkey, a website specializing in hedge funds, choose to focus on the leaders of this club, about 700 funds. These money managers oversee the majority of the hedge fund industry’s total asset base, and by shadowing their best stock picks, Insider Monkey has come up with numerous investment strategies that have historically defeated the market. Insider Monkey’s small-cap hedge fund strategy outpaced the S&P 500 index by 12 percentage points per annum for a decade in their back tests.

Keeping this in mind, let’s analyze the new action surrounding Intra-Cellular Therapies Inc (NASDAQ:ITCI).

What have hedge funds been doing with Intra-Cellular Therapies Inc (NASDAQ:ITCI)?

At Q3’s end, a total of 26 of the hedge funds tracked by Insider Monkey were long in this stock, a change of 86% from the second quarter. With hedgies’ sentiment swirling, there exists a select group of noteworthy hedge fund managers who were upping their holdings significantly.

Our database shows that Jeremy Green’s Redmile Group had the most valuable position in Intra-Cellular Therapies Inc (NASDAQ:ITCI), worth close to $53 million, accounting for 1.2% of its total 13F portfolio. Coming in second is Adage Capital Management, led by Phill Gross and Robert Atchinson, holding a $45.9 million position; 0.1% of its 13F portfolio is allocated to the stock. Some other hedgies with similar optimism consist of Jacob Gottlieb’s Visium Asset Management, Alex Denner’s Sarissa Capital Management and Julian Baker and Felix Baker’s Baker Bros. Advisors.

As industrywide interest jumped, some big names were breaking ground themselves. Highland Capital Management, managed by James Dondero, assembled the biggest position in Intra-Cellular Therapies Inc (NASDAQ:ITCI). Highland Capital Management had $15.9 million invested in the company at the end of the quarter. Peter Kolchinsky’s RA Capital Management also made a $12.6 million investment in the stock during the quarter. The other funds with new positions in the stock are Glenn Russell Dubin’s Highbridge Capital Management, Columbus Circle Investors, and Jim Simons’s Renaissance Technologies.

Let’s also take a look at hedge fund activity in other stocks similar to Intra-Cellular Therapies Inc (NASDAQ:ITCI). These stocks are Great Western Bancorp Inc (NYSE:GWB), Polycom Inc (NASDAQ:PLCM), Evertec Inc (NYSE:EVTC), and Cvent Inc (NYSE:CVT). All of these stocks’ market caps match ITCI’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
GWB 24 274365 10
PLCM 18 309741 -6
EVTC 18 211025 4
CVT 16 87527 2

As you can see these stocks had an average of 19 hedge funds with bullish positions and the average amount invested in these stocks was $221 million. Great Western Bancorp Inc (NYSE:GWB) is the most popular stock in this table. On the other hand Cvent Inc (NYSE:CVT) is the least popular one with only 16 bullish hedge fund positions. Compared to these stocks Intra-Cellular Therapies Inc (NASDAQ:ITCI) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

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