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

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. UBS Group dropped their target price on BioXcel Therapeutics from $3.50 to $1.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 target price on shares of BioXcel Therapeutics in a research report on Friday, August 30th. Finally, HC Wainwright cut their price target 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.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of BioXcel Therapeutics in the 2nd quarter valued at $39,000. Armistice Capital LLC grew its holdings in BioXcel Therapeutics by 705.2% in the second quarter. Armistice Capital LLC now owns 2,987,000 shares of the company’s stock valued at $3,823,000 after purchasing an additional 2,616,027 shares during the period. XTX Topco Ltd raised its position in shares of 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 buying an additional 15,291 shares during the period. Rosalind Advisors Inc. acquired a new stake in BioXcel Therapeutics during the 2nd quarter worth approximately $51,000. Finally, Vanguard Group Inc. grew its stake in shares of BioXcel Therapeutics by 0.9% in the first quarter. Vanguard Group Inc. now owns 1,099,375 shares of the company’s stock valued at $3,100,000 after buying an additional 9,912 shares in the last quarter. 30.68% of the stock is owned by institutional investors and hedge funds.

BioXcel Therapeutics Price Performance

Shares of BTAI stock traded down $0.09 during trading on Thursday, reaching $0.53. The company’s stock had a trading volume of 557,288 shares, compared to its average volume of 829,334. BioXcel Therapeutics has a 1-year low of $0.51 and a 1-year high of $4.89. The stock’s 50-day moving average price is $0.60 and its 200 day moving average price is $1.09. The company has a market capitalization of $21.42 million, a price-to-earnings 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.