BioXcel Therapeutics, Inc. (NASDAQ:BTAI) Sees Large Drop in Short Interest

BioXcel Therapeutics, Inc. (NASDAQ:BTAI) was the target of a significant decrease in short interest in March. As of March 15th, there was short interest totalling 221,300 shares, a decrease of 33.0% from the February 28th total of 330,500 shares. Currently, 8.1% of the company’s stock are short sold. Based on an average trading volume of 4,360,000 shares, the days-to-cover ratio is currently 0.1 days.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on BTAI shares. HC Wainwright cut their price objective on shares of BioXcel Therapeutics from $80.00 to $48.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. RODMAN&RENSHAW upgraded shares of BioXcel Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 19th. Canaccord Genuity Group dropped their price objective on shares of BioXcel Therapeutics from $112.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Rodman & Renshaw initiated coverage on shares of BioXcel Therapeutics in a report on Wednesday, March 19th. They issued a “buy” rating and a $65.00 target price on the stock. Finally, Bank of America reiterated an “underperform” rating and set a $4.00 price target (down previously from $112.00) on shares of BioXcel Therapeutics in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.60.

Hedge Funds Weigh In On BioXcel Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Squarepoint Ops LLC raised its position in BioXcel Therapeutics by 203.9% in the fourth quarter. Squarepoint Ops LLC now owns 72,046 shares of the company’s stock worth $27,000 after acquiring an additional 48,336 shares during the period. Northern Trust Corp raised its holdings in shares of BioXcel Therapeutics by 81.4% in the 4th quarter. Northern Trust Corp now owns 73,910 shares of the company’s stock worth $28,000 after purchasing an additional 33,161 shares during the period. Wells Fargo & Company MN lifted its stake in BioXcel Therapeutics by 7.5% in the fourth quarter. Wells Fargo & Company MN now owns 199,010 shares of the company’s stock valued at $74,000 after purchasing an additional 13,952 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in BioXcel Therapeutics by 4.7% during the fourth quarter. Geode Capital Management LLC now owns 311,965 shares of the company’s stock valued at $117,000 after purchasing an additional 13,922 shares during the period. 30.68% of the stock is owned by hedge funds and other institutional investors.

BioXcel Therapeutics Stock Performance

Shares of BTAI stock opened at $2.12 on Friday. BioXcel Therapeutics has a 52-week low of $1.72 and a 52-week high of $49.58. The company has a 50-day simple moving average of $3.19 and a two-hundred day simple moving average of $6.45. The company has a market capitalization of $6.80 million, a price-to-earnings ratio of -0.06 and a beta of 0.89.

BioXcel Therapeutics (NASDAQ:BTAI) last issued its quarterly earnings results on Thursday, March 27th. The company reported ($3.57) EPS for the quarter, beating analysts’ consensus estimates of ($4.36) by $0.79. The business had revenue of $0.30 million for the quarter, compared to analysts’ expectations of $0.72 million. On average, sell-side analysts forecast that BioXcel Therapeutics will post -24.39 EPS for the current fiscal year.

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.