Short Interest in BioXcel Therapeutics, Inc. (NASDAQ:BTAI) Drops By 39.8%

BioXcel Therapeutics, Inc. (NASDAQ:BTAI) saw a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 347,100 shares, a decrease of 39.8% from the October 15th total of 576,400 shares. Based on an average daily trading volume, of 478,700 shares, the short-interest ratio is presently 0.7 days.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BTAI. Canaccord Genuity Group restated a “buy” rating and set a $7.00 target price on shares of BioXcel Therapeutics in a research report on Friday, August 30th. UBS Group decreased their price target on BioXcel Therapeutics from $3.50 to $1.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Finally, HC Wainwright cut their price objective on BioXcel Therapeutics from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Monday, October 21st.

Institutional Investors Weigh In On BioXcel Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Armistice Capital LLC grew its position in shares of BioXcel Therapeutics by 705.2% during the 2nd quarter. Armistice Capital LLC now owns 2,987,000 shares of the company’s stock worth $3,823,000 after buying an additional 2,616,027 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in BioXcel Therapeutics in the second quarter worth about $39,000. XTX Topco Ltd grew its holdings in 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. Vanguard Group Inc. increased its position in BioXcel Therapeutics by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 1,099,375 shares of the company’s stock valued at $3,100,000 after purchasing an additional 9,912 shares during the period. Finally, Rosalind Advisors Inc. bought a new stake in shares of BioXcel Therapeutics in the 2nd quarter valued at about $51,000. 30.68% of the stock is owned by institutional investors.

BioXcel Therapeutics Price Performance

Shares of NASDAQ:BTAI traded up $0.05 during trading on Friday, reaching $0.57. 447,699 shares of the company were exchanged, compared to its average volume of 828,469. The business’s fifty day simple moving average is $0.60 and its 200-day simple moving average is $1.07. BioXcel Therapeutics has a 12-month low of $0.50 and a 12-month high of $4.52. The firm has a market capitalization of $23.15 million, a PE ratio of -0.16 and a beta of 0.29.

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.