BioXcel Therapeutics’ (BTAI) “Underperform” Rating Reiterated at Bank of America

Bank of America reissued their underperform rating on shares of BioXcel Therapeutics (NASDAQ:BTAIFree Report) in a research report released on Tuesday morning,Benzinga reports. They currently have a $0.25 price objective on the stock, down from their prior price objective of $7.00.

Several other equities analysts have also issued reports on the stock. HC Wainwright lowered their target price on shares of BioXcel Therapeutics from $7.00 to $5.00 and set a “buy” rating for the company in a report on Monday, October 21st. Canaccord Genuity Group lowered their target price on shares of BioXcel Therapeutics from $7.00 to $5.00 and set a “buy” rating for the company in a report on Monday.

Check Out Our Latest Analysis on BTAI

BioXcel Therapeutics Stock Performance

BioXcel Therapeutics stock opened at $0.39 on Tuesday. The stock’s 50 day simple moving average is $0.48 and its two-hundred day simple moving average is $0.69. The stock has a market cap of $19.13 million, a price-to-earnings ratio of -0.18 and a beta of -0.01. BioXcel Therapeutics has a fifty-two week low of $0.30 and a fifty-two week high of $4.17.

Hedge Funds Weigh In On BioXcel Therapeutics

A number of hedge funds have recently added to or reduced their stakes in BTAI. Point72 Asia Singapore Pte. Ltd. purchased a new position in BioXcel Therapeutics in the 2nd quarter worth approximately $39,000. XTX Topco Ltd raised its holdings in BioXcel Therapeutics by 49.0% in 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 during the last quarter. Finally, Armistice Capital LLC raised its holdings in BioXcel Therapeutics by 705.2% in the 2nd quarter. Armistice Capital LLC now owns 2,987,000 shares of the company’s stock worth $3,823,000 after acquiring an additional 2,616,027 shares during the last quarter. 30.68% of the stock is currently owned by hedge funds and other institutional investors.

About BioXcel Therapeutics

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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.

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