Canaccord Genuity Group Issues Pessimistic Forecast for BioXcel Therapeutics (NASDAQ:BTAI) Stock Price

BioXcel Therapeutics (NASDAQ:BTAI) had its price objective reduced by analysts at Canaccord Genuity Group from $7.00 to $5.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock.

Separately, HC Wainwright lowered their price target on BioXcel Therapeutics from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Monday, October 21st.

BioXcel Therapeutics Stock Down 17.8 %

Shares of BioXcel Therapeutics stock opened at $0.47 on Monday. The company has a market capitalization of $23.39 million, a price-to-earnings ratio of -0.22 and a beta of -0.01. The stock’s 50-day simple moving average is $0.49 and its 200-day simple moving average is $0.69. BioXcel Therapeutics has a 52 week low of $0.30 and a 52 week high of $4.17.

Hedge Funds Weigh In On BioXcel Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of BioXcel Therapeutics during the 2nd quarter worth approximately $39,000. Armistice Capital LLC raised its stake in 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 purchasing an additional 2,616,027 shares in the last quarter. Finally, XTX Topco Ltd lifted its position in BioXcel Therapeutics by 49.0% during the second 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 during the last quarter. 30.68% of the stock is owned by institutional investors.

About BioXcel Therapeutics

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.