BioXcel Therapeutics’ (BTAI) Underperform Rating Reaffirmed at Bank of America

BioXcel Therapeutics (NASDAQ:BTAI)‘s stock had its “underperform” rating reaffirmed by Bank of America in a report issued on Tuesday,Benzinga reports. They presently have a $0.25 price objective on the stock, down from their prior price objective of $7.00. Bank of America‘s price target indicates a potential downside of 47.86% from the stock’s previous close.

A number of other brokerages have also recently commented on BTAI. HC Wainwright dropped their price target on BioXcel Therapeutics from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Monday, October 21st. Canaccord Genuity Group reduced their target price on BioXcel Therapeutics from $7.00 to $5.00 and set a “buy” rating for the company in a report on Monday.

BioXcel Therapeutics Stock Down 16.3 %

Shares of NASDAQ:BTAI traded down $0.09 during midday trading on Tuesday, hitting $0.48. The stock had a trading volume of 1,161,503 shares, compared to its average volume of 2,210,989. BioXcel Therapeutics has a fifty-two week low of $0.30 and a fifty-two week high of $4.17. The company’s 50-day moving average price is $0.49 and its 200-day moving average price is $0.70. The company has a market capitalization of $23.80 million, a P/E ratio of -0.22 and a beta of -0.01.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of BioXcel Therapeutics during the 2nd quarter valued at about $39,000. Armistice Capital LLC increased its stake in shares of BioXcel Therapeutics by 705.2% during the second quarter. Armistice Capital LLC now owns 2,987,000 shares of the company’s stock valued at $3,823,000 after buying an additional 2,616,027 shares during the period. Finally, XTX Topco Ltd raised its holdings in shares of BioXcel Therapeutics by 49.0% in the 2nd quarter. XTX Topco Ltd now owns 46,503 shares of the company’s stock valued at $60,000 after purchasing an additional 15,291 shares in the last quarter. 30.68% of the stock is currently owned by institutional investors.

BioXcel Therapeutics Company Profile

BioXcel Therapeutics, Inc, a commercial-stage biopharmaceutical company, engages in utilizing artificial intelligence approaches to develop transformative medicines in neuroscience and immuno-oncology. The company's drug re-innovation approach leverages existing approved drugs and/or clinically validated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indices.