Canaccord Genuity Group Reiterates “Buy” Rating for BioXcel Therapeutics (NASDAQ:BTAI)

BioXcel Therapeutics (NASDAQ:BTAI)‘s stock had its “buy” rating restated by stock analysts at Canaccord Genuity Group in a report issued on Thursday, Benzinga reports. They currently have a $7.00 price objective on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 446.88% from the company’s previous close.

BTAI has been the subject of several other reports. HC Wainwright reissued a “buy” rating and set a $10.00 price objective on shares of BioXcel Therapeutics in a research note on Friday, May 10th. Bank of America reduced their target price on BioXcel Therapeutics from $8.00 to $7.00 and set a “buy” rating for the company in a report on Wednesday, March 13th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, BioXcel Therapeutics currently has an average rating of “Hold” and a consensus price target of $16.71.

BioXcel Therapeutics Stock Performance

Shares of NASDAQ BTAI opened at $1.28 on Thursday. The stock has a fifty day moving average price of $1.89 and a two-hundred day moving average price of $2.58. The firm has a market cap of $48.04 million, a P/E ratio of -0.25 and a beta of 0.36. BioXcel Therapeutics has a 1 year low of $1.11 and a 1 year high of $12.40.

BioXcel Therapeutics (NASDAQ:BTAI) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.87) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.19). The company had revenue of $0.58 million for the quarter, compared to the consensus estimate of $0.42 million. BioXcel Therapeutics had a negative return on equity of 890.63% and a negative net margin of 8,715.72%. During the same period in the prior year, the business earned ($1.84) earnings per share. On average, research analysts predict that BioXcel Therapeutics will post -2.61 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Vimal Mehta sold 126,014 shares of the stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $1.63, for a total transaction of $205,402.82. Following the completion of the sale, the chief executive officer now directly owns 7,811,515 shares in the company, valued at $12,732,769.45. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold 135,022 shares of company stock worth $225,656 over the last quarter. Corporate insiders own 35.80% of the company’s stock.

Institutional Trading of BioXcel Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of BioXcel Therapeutics by 0.9% during the first quarter. Vanguard Group Inc. now owns 1,099,375 shares of the company’s stock worth $3,100,000 after acquiring an additional 9,912 shares in the last quarter. Pennant Investors LP purchased a new stake in shares of BioXcel Therapeutics during the fourth quarter worth $248,000. Virtu Financial LLC purchased a new stake in shares of BioXcel Therapeutics during the fourth quarter worth $176,000. Tower Research Capital LLC TRC raised its holdings in shares of BioXcel Therapeutics by 239.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 13,832 shares of the company’s stock worth $41,000 after acquiring an additional 9,754 shares in the last quarter. Finally, Truist Financial Corp purchased a new stake in shares of BioXcel Therapeutics during the fourth quarter worth $32,000. 30.68% of the stock is currently owned by hedge funds and other 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.