10 Most Promising Mid-Cap Stocks According to Hedge Funds

8. Intra-Cellular Therapies, Inc. (NASDAQ:ITCI)

Number of Hedge Fund Holders: 52

Market Capitalization as of October 10, 2024: $7.74 Billion

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) ranks eighth on our list of the most promising mid-cap stocks to buy according to hedge funds. The biopharmaceutical company provides innovative treatments that improve the living conditions of individuals with neurological disorders.

The company has several treatments in its pipeline, some in phase 3 trials, while others remain under study in phase 1. Its major depressive disorder therapy treatment is currently in phase 3, meaning, the company will soon seek approval from the FDA. In June, Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) announced that the treatment retrieved positive topline results in phase 3 trials.

Overall, the company is consistently improving its financial position. In the second quarter of 2024, Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) logged $161.4 million in sales, up from $110.8 million in the same quarter in 2023. CAPLYTA, its prescription medicine for patients with bipolar depression, is its major product, bringing in net product sales worth $161.3 million during Q2 2024.

CAPLYTA is the company’s star product. It reported an increase in prescriptions by 36% during Q2 2024. Keeping such performance in mind, Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) increased its full fiscal year 2024 guidance for CAPLYTA to $680 million. Overall, the company’s drugs in the pipeline are expected to show similar results, establishing the company as a leading drug maker for the foreseeable future.