Why Intra-Cellular (ITCI) Led the Monday Upsurge?

We recently published a list of 10 Firms Dominate Monday Upsurge. In this article, we are going to take a look at where Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) stands against other firms that dominated Monday upsurge.

Ten companies—predominantly in the healthcare sector—kicked off Monday’s trading with notable gains amid a series of business updates, earnings, and acquisition deals that have fueled investor confidence.

Their gains outperformed mixed trading on Wall Street, with the Dow Jones and S&P’s main index the only gainers, up 0.86 percent and 0.16 percent, respectively. Meanwhile, the Nasdaq Composite dropped by 0.38 percent.

In this article, we will take a look at what buoyed the companies’ share prices.

To come up with Monday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A scientist in a lab coat working with petri dishes containing biopharmaceutical drugs.

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI)

Shares of Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) jumped by more than 34 percent on Monday to end at $127.19 apiece following news that it was set to be acquired by Johnson & Johnson (JNJ) for $14.6 billion. The transaction would mark the latter’s biggest deal in more than two years, bolstering its presence in the brain disease treatments market.

Johnson & Johnson was said to have offered to buy Intra-Cellular shares at a price of $132 each.

The agreement would provide Johnson & Johnson with access to Intra-Cellular’s (NASDAQ:ITCI) oral treatment, Caplyta, which is approved in the U.S. for schizophrenia and bipolar disorder-related depressive episodes, along with other experimental drugs in the pipeline.

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