Shares of Intra-Cellular Therapeutics (ITCI) rocketed Monday after the Food and Drug Administration approved the biotech company’s schizophrenia treatment.
On the stock market today, ITCI stock zoomed 193.5% higher, to 36.51, in more than 64 times its average daily volume. That put ITCI stock at its highest point in over three years. Earlier, shares soared as high as 43.56, up 250.2%.
The biotech company expects to launch the schizophrenia treatment, dubbed Caplyta, late in the first quarter of 2020.
“We believe Caplyta provides health care providers a new, safe and effective treatment option to help millions of adult patients with schizophrenia,” Intra-Cellular Chief Executive Sharon Mates said in a written statement.
ITCI Stock Flies On Schizophrenia Treatment
The schizophrenia treatment went up against placebos in two clinical tests, the biotech company said in a news release. In the tests, Caplyta showed a statistically significant improvement over the placebo on a scale measuring symptoms of schizophrenia.
The most common side effects were sleepiness/sedation and dry mouth. Patients who received the schizophrenia treatment experienced these side effects at twice the rate of the placebo group.
Notably, changes in weight gain, fasting glucose, triglycerides and total cholesterol were similar between the Caplyta group and those who took the placebo. Many patients discontinue schizophrenia treatment due to side effects like these, the biotech company said.
ITCI stock has a strong Relative Strength Rating of 83 out of a best-possible 99. The RS Rating is a 1-99 measure of a stock’s key growth metrics. Leading stocks tend to have RS Ratings of 80 or higher.
Author: Allison Gatlin
Source: Investors: Why This Highflying Biotech Stock Just Rocketed 194% In Massive Volume