BioXcel Therapeutics, Inc. (NASDAQ:BTAI) Sees Significant Decline in Short Interest

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

BioXcel Therapeutics Price Performance

Shares of BioXcel Therapeutics stock opened at $2.12 on Friday. The stock has a market capitalization of $6.80 million, a P/E ratio of -0.06 and a beta of 0.89. BioXcel Therapeutics has a one year low of $1.72 and a one year high of $49.58. The business’s 50 day simple moving average is $3.19 and its two-hundred day simple moving average is $6.45.

BioXcel Therapeutics (NASDAQ:BTAI) last posted 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 firm had revenue of $0.30 million for the quarter, compared to the consensus estimate of $0.72 million. Sell-side analysts expect that BioXcel Therapeutics will post -24.39 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Institutional Trading of BioXcel Therapeutics

Several large investors have recently modified their holdings of BTAI. Squarepoint Ops LLC lifted its holdings in BioXcel Therapeutics by 203.9% in the 4th quarter. Squarepoint Ops LLC now owns 72,046 shares of the company’s stock worth $27,000 after buying an additional 48,336 shares during the period. Northern Trust Corp lifted its stake in BioXcel Therapeutics by 81.4% in the fourth quarter. Northern Trust Corp now owns 73,910 shares of the company’s stock worth $28,000 after acquiring 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 worth $74,000 after acquiring an additional 13,952 shares during the period. Finally, Geode Capital Management LLC increased its position in BioXcel Therapeutics by 4.7% during the 4th 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 institutional investors.

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.