Shares of Intra-Cellular Therapies plummeted on Thursday as biopharmaceutical company’s phase three trial of its schizophrenia drug was unsuccessful. The drug failed to reduce patients’ schizophrenia symptoms when compared to a placebo. SunTrust subsequently downgraded Intra-Cellular’s stock to Neutral from Buy and cut its price target to $15 from $60 based on the trial results. Leerink also slashed its price target to $29 from $95, but said the recent selloff was overdone.
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