BioXcel Therapeutics’ (BTAI) Buy Rating Reaffirmed at Canaccord Genuity Group

BioXcel Therapeutics (NASDAQ:BTAI)‘s stock had its “buy” rating restated by equities research analysts at Canaccord Genuity Group in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $7.00 target price on the stock.

Several other analysts have also weighed in on the stock. HC Wainwright lowered their target price on shares of BioXcel Therapeutics from $10.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. UBS Group cut their target price on BioXcel Therapeutics from $3.50 to $1.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.50.

BioXcel Therapeutics Stock Performance

Shares of BTAI stock traded down $0.03 during mid-day trading on Friday, reaching $0.60. 111,850 shares of the company were exchanged, compared to its average volume of 929,234. The business’s 50 day simple moving average is $1.00 and its 200 day simple moving average is $1.96. The company has a market capitalization of $22.60 million, a P/E ratio of -0.12 and a beta of 0.32. BioXcel Therapeutics has a fifty-two week low of $0.58 and a fifty-two week high of $5.62.

BioXcel Therapeutics (NASDAQ:BTAI) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.21) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.55. The company had revenue of $1.10 million for the quarter, compared to the consensus estimate of $0.80 million. During the same quarter last year, the company earned ($1.83) earnings per share. On average, analysts forecast that BioXcel Therapeutics will post -2.74 EPS for the current year.

Insider Transactions at BioXcel Therapeutics

In related news, CEO Vimal Mehta sold 126,014 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 7,811,515 shares of the company’s stock, valued at $12,732,769.45. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders sold 128,520 shares of company stock valued at $208,611. 35.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On BioXcel Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Apollon Wealth Management LLC bought a new stake in shares of BioXcel Therapeutics in the 4th quarter worth approximately $31,000. Truist Financial Corp acquired a new position in BioXcel Therapeutics in the fourth quarter worth approximately $32,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of BioXcel Therapeutics in the second quarter valued at $39,000. Rosalind Advisors Inc. acquired a new stake in shares of BioXcel Therapeutics during the 2nd quarter valued at $51,000. Finally, XTX Topco Ltd boosted its stake in shares of BioXcel Therapeutics by 49.0% during the 2nd quarter. XTX Topco Ltd now owns 46,503 shares of the company’s stock worth $60,000 after acquiring an additional 15,291 shares in the last quarter. 30.68% of the stock is owned by institutional investors and hedge funds.

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.