Wednesday's IBD 50 Stocks To Watch pick, biotech stock Intra-Cellular Therapies, is in buy range past its latest buy point on the stock market today. That makes Intra-Cellular stock one of the best stocks to watch right now. Shares dipped 1% Wednesday morning.
Intra-Cellular specializes in small molecule drug treatments for neurological diseases, such as Alzheimer's, by targeting intracellular signals in the central nervous system.
Its chief drug, Caplyta, is approved for treating schizophrenia and conditions associated with bipolar disorder in adults. The drug is used as a primary treatment or in combination with lithium or FDA-approved drugs to treat mixed-feature disorders.
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Intra-Cellular Stock Soars On Drug Study
On Tuesday, Intra-Cellular stock soared more than 23% after its drug, Caplyta, topped expectations in a depression treatment study.
Caplyta is already approved as a schizophrenia treatment and to treat depressive episodes in people with bipolar disorder. Now, Intra-Cellular says Caplyta could treat a common form of depression known as major depressive disorder.
Over six weeks, patients who took Caplyta showed a 4.9-point reduction vs. the placebo group on a 60-point scale measuring depression symptoms. The results were statistically significant, putting Intra-Cellular in a strong position ahead of a second Phase 3 study expected later this quarter.
On Tuesday, shares broke out past a 76.11 buy point in a cup base, closing at the top of the 5% buy area that goes up to 79.92, according to IBD MarketSurge chart analysis.
Intra-Cellular stock shows an 87 out of a best-possible 99 IBD Composite Rating, according to IBD Stock Checkup. That makes it one of the best stocks to watch.
On the upside, the relative strength line is at new highs on the breakout day, triggering the bullish blue dot signal. The blue dot appears on the IBD MarketSurge charts when an RS line reaches a 52-week high and the stock is building a fresh base or breaking out past a buy point. That's a sign of strong stock market outperformance.
Best Stocks To Watch
Three recent IBD 50 Growth Stocks To Watch picks are among the best stocks to watch.
| Company | Symbol | Buy point | Type of base |
|---|---|---|---|
| Ascendis Pharma | 161 | Flat base | |
| Datadog | 138.61 | Flat base | |
| Interactive Brokers | 112.50 | Tight area |
Source: IBD Data As Of April 17, 2024
Follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on the best stocks to buy and watch and the stock market.
