Intra-Cellular downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst David Amsellem downgraded Intra-Cellular (ITCI) to Neutral from Overweight with a price target of $132, up from $107, citing the pending acquisition by Johnson & Johnson (JNJ). Piper does not expect a higher bid given that the 39% premium to Intra-Cellular’s closing price on January 10 “more than adequately reflects not only the top-line potential of Caplyta but also what are likely to be massive cost synergies.”