Should You Retain Your Holdings in Intra-Cellular Therapies (ITCI)?

Wasatch Global Investors, an asset management company, released its “Wasatch Small Cap Ultra Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark index, the Russell 2000 Growth Index, in the third quarter. News of continuous interest rate hikes from the federal reserve negatively impacted growth companies’ stocks, and those in which the firm invested dragged the strategy’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Wasatch Global Investors highlighted stocks like Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) in its Q3 2022 investor letter. Headquartered in New York, New York, Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) is a biopharmaceutical company. On December 9, 2022, Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) stock closed at $51.77 per share. One-month return of Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) was 1.09%, and its shares gained 42.23% of their value over the last 52 weeks. Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) has a market capitalization of $4.903 billion.

Wasatch Global Investors made the following comment about Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) in its Q3 2022 investor letter:

“Another weak stock in the strategy was Intra-Cellular Therapies, Inc. (NASDAQ:ITCI). The company develops therapeutics for disorders of the central nervous system. In Intra-Cellular’s most recently reported quarter, new and total prescriptions for its flagship drug, Caplyta,® increased 55% and 51%, respectively, versus the previous quarter. The stock initially rallied on the news, and then sold off in what may have been profit-taking in a name that has performed well thus far in 2022.”

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Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) at the end of the third quarter, which was 32 in the previous quarter.

We discussed Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) in another article and shared ClearBridge Investments’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.