ITCI up 20% on the week and further 30% upside ahead! Looking to test 2019 resistance area around 14.50 ahead of its scheduled PDUFA approval on Dec.27th. TP 2 16.50.
ITCI: Intra-Cellular Therapies Inc.
2019-12-23 06:59:10
FDA Approves Intra-Cellular Therapies’ Novel Antipsychotic, CAPLYTA® (lumateperone) for the Treatment of Schizophrenia in Adults
These usually do work. But test results are coming out on Dec 11. Also a decent size Put was place yesterday. Could be a big move up or you could get bent over
ITCI is moving mostly horizontally lately, and there's definite room for downside to its channel bottom around 10.40, so this is a risky play. However, a large stock purchase a couple days ago by one of the board of directors triggered a large volume of bullish option activity. Possibly the director purchased stock in anticipation of forthcoming clinical trial...
The company has a recent failed trial but has many more in the pipeline, this may be the catalysts for the increase in option trades in the past month. There has also been notable insider buying in May and the company has a strong balance sheet. We will be keeping a very close eye on the newsflow regarding trial updates.
AVERAGE ANALYSTS PRICE TARGET ...
ITCI was in our watch list for a while, and now it seems ready to go. Good insider buying from10% owner. We think it has Right now it is testing MA 200 resistance & it if can break above it can go much higher.
On the option side we would consider August $12.50 calls @ $1.50 and November $15.00 calls @ $1.20
* Trade Criteria *
Date First Found- July 20,...
