Wasatch Global Investors, an investment management firm, published its “Wasatch Ultra Growth Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. Growth stocks fared worse than value stocks in the quarter, with the benchmark Russell 2000® Growth Index down -12.63%. The Wasatch Ultra Growth Fund—Investor Class posted a larger decline of -16.69%. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.
In its Q1 2022 investor letter, Wasatch Ultra Growth Fund mentioned Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) and explained its insights for the company. Founded in 2002, Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) is a United States-based pharmaceutical company with a $5.0 billion market capitalization. Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) delivered a 2.08% return since the beginning of the year, while its 12-month returns are up by 23.80%. The stock closed at $53.43 per share on June 16, 2022.
Here is what Wasatch Ultra Growth Fund has to say about Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) in its Q1 2022 investor letter:
“The strongest contributor to Fund performance for the quarter was Intra-Cellular Therapies, Inc. (NASDAQ:ITCI). The company develops therapeutics for disorders of the central nervous system. IntraCellular’s stock price moved higher amid robust prescription growth for Caplyta, the company’s recently approved drug for the treatment of bipolar depression Type 1 and Type 2 in adults.
Previously approved for the treatment of schizophrenia, Caplyta’s appeal for treating bipolar depression is significantly enhanced by its favorable safety and tolerability profile, which enables it to be used with more patients. Intra-Cellular remained focused on maximizing the drug’s potential, seeking to expand its approval to areas that include major depressive disorder, certain neurologically based sleep disorders and Parkinson’s disease. A post-Covid environment in which patients are less hesitant to attend in-person consultations should also support prescriptions.”
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Our calculations show that Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) was in 29 hedge fund portfolios at the end of the first quarter of 2022, compared to 19 funds in the previous quarter. Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) delivered a -11.51% return in the past 3 months.
In April 2022, we also shared another hedge fund’s views on Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.
Disclosure: None. This article is originally published at Insider Monkey.
