BioXcel Therapeutics (BTAI) Downgraded to Hold at Zacks Investment Research

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Zacks Investment Research cut shares of BioXcel Therapeutics (NASDAQ:BTAI) from a buy rating to a hold rating in a report published on Tuesday.

According to Zacks, “BioXcel Therapeutics Inc. is a clinical stage biopharmaceutical company. It focuses on drug development which utilizes novel artificial intelligence to identify the next wave of medicines across neuroscience and immuno-oncology. The company’s product portfolio include BXCL501, a sublingual thin film formulation of dexmedetomidine designed for acute treatment of agitation resulting from neurological and psychiatric disorders, and BXCL701, an immuno-oncology agent designed for treatment of a rare form of prostate cancer and for treatment of pancreatic cancer. BioXcel Therapeutics Inc. is based in the United States. “

Several other brokerages also recently weighed in on BTAI. Canaccord Genuity reaffirmed a buy rating and issued a $21.00 target price on shares of BioXcel Therapeutics in a research report on Friday, August 10th. HC Wainwright reaffirmed a buy rating and issued a $25.00 target price on shares of BioXcel Therapeutics in a research report on Wednesday, August 1st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $18.67.

BTAI stock traded up $0.39 during trading on Tuesday, reaching $6.24. 14,951 shares of the stock traded hands, compared to its average volume of 45,229. BioXcel Therapeutics has a 52-week low of $5.77 and a 52-week high of $14.79.

BioXcel Therapeutics (NASDAQ:BTAI) last posted its quarterly earnings results on Wednesday, August 8th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.32) by $0.13. On average, research analysts anticipate that BioXcel Therapeutics will post -1.12 earnings per share for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Point72 Asset Management L.P. lifted its stake in shares of BioXcel Therapeutics by 10.7% in the second quarter. Point72 Asset Management L.P. now owns 65,809 shares of the company’s stock worth $605,000 after acquiring an additional 6,358 shares in the last quarter. BlackRock Inc. acquired a new position in shares of BioXcel Therapeutics in the second quarter worth about $137,000. Millennium Management LLC acquired a new position in shares of BioXcel Therapeutics in the first quarter worth about $316,000. Barclays PLC acquired a new position in shares of BioXcel Therapeutics in the first quarter worth about $6,331,000. Finally, California Public Employees Retirement System acquired a new position in shares of BioXcel Therapeutics in the first quarter worth about $3,362,000. 23.81% of the stock is owned by institutional investors.

BioXcel Therapeutics Company Profile

BioXcel Therapeutics, Inc, a clinical stage biopharmaceutical company, focuses on novel artificial intelligence-based drug development in the fields of neuroscience and immuno-oncology in the United States. The company is involved in developing BXCL501, a sublingual thin film formulation of dexmedetomidine designed for acute treatment of agitation resulting from neurological and psychiatric disorders; and BXCL701, an immuno-oncology agent designed for the treatment of prostate and pancreatic cancers.

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