BioXcel Therapeutics (NASDAQ:BTAI) Shares Gap Down After Analyst Downgrade

BioXcel Therapeutics, Inc. (NASDAQ:BTAI) shares gapped down before the market opened on Wednesday after Truist Securities lowered their price target on the stock from $128.00 to $125.00. The stock had previously closed at $36.85, but opened at $32.66. Truist Securities currently has a buy rating on the stock. BioXcel Therapeutics shares last traded at $31.54, with a volume of 14,738 shares.

A number of other equities analysts have also weighed in on the stock. Canaccord Genuity cut their price objective on shares of BioXcel Therapeutics from $110.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, April 1st. HC Wainwright boosted their price objective on shares of BioXcel Therapeutics from $170.00 to $176.00 and gave the company a “buy” rating in a research report on Tuesday, June 1st. Truist cut their price objective on shares of BioXcel Therapeutics from $150.00 to $127.00 in a research report on Thursday, April 1st. Finally, Berenberg Bank assumed coverage on shares of BioXcel Therapeutics in a research report on Friday, April 9th. They issued a “buy” rating and a $75.00 price objective for the company. Eleven investment analysts have rated the stock with a buy rating, The company currently has an average rating of “Buy” and a consensus price target of $101.73.

Institutional investors have recently added to or reduced their stakes in the stock. Lindbrook Capital LLC grew its stake in BioXcel Therapeutics by 314.1% during the first quarter. Lindbrook Capital LLC now owns 762 shares of the company’s stock worth $33,000 after buying an additional 578 shares during the period. SG Americas Securities LLC purchased a new stake in BioXcel Therapeutics during the first quarter worth approximately $106,000. Banque Cantonale Vaudoise purchased a new stake in BioXcel Therapeutics during the first quarter worth approximately $108,000. E Fund Management Co. Ltd. purchased a new stake in BioXcel Therapeutics during the first quarter worth approximately $127,000. Finally, Citigroup Inc. grew its stake in BioXcel Therapeutics by 92.4% during the fourth quarter. Citigroup Inc. now owns 2,877 shares of the company’s stock worth $133,000 after buying an additional 1,382 shares during the period. Hedge funds and other institutional investors own 44.61% of the company’s stock.

The stock has a 50 day moving average of $34.08. The firm has a market cap of $780.34 million, a P/E ratio of -7.76 and a beta of 1.10.

BioXcel Therapeutics (NASDAQ:BTAI) last released its quarterly earnings data on Sunday, May 9th. The company reported ($1.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.89) by ($0.19). On average, research analysts expect that BioXcel Therapeutics, Inc. will post -4.48 EPS for the current fiscal year.

BioXcel Therapeutics Company Profile (NASDAQ:BTAI)

BioXcel Therapeutics, Inc, a clinical stage biopharmaceutical company, focuses on artificial intelligence-based drug development in the fields of neuroscience and immuno-oncology in the United States. The company is involved in developing BXCL501, a sublingual thin film formulation of adrenergic receptor agonist dexmedetomidine for the treatment of agitation resulting from neurological and psychiatric disorders; and BXCL701, an immune activator for the treatment of prostate and pancreatic cancers, and solid tumors.

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