BioXcel Therapeutics (NASDAQ:BTAI) Earns “Underperform” Rating from Bank of America

BioXcel Therapeutics (NASDAQ:BTAI)‘s stock had its “underperform” rating restated by equities research analysts at Bank of America in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $0.25 target price on the stock, down from their previous target price of $7.00. Bank of America‘s price target indicates a potential downside of 47.86% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. Canaccord Genuity Group reduced their target price on shares of BioXcel Therapeutics from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Monday. HC Wainwright cut their target price on shares of BioXcel Therapeutics from $7.00 to $5.00 and set a “buy” rating on the stock in a research note on Monday, October 21st.

BioXcel Therapeutics Price Performance

BioXcel Therapeutics stock traded down $0.09 during midday trading on Tuesday, reaching $0.48. The company had a trading volume of 1,161,503 shares, compared to its average volume of 2,210,989. The company has a market capitalization of $23.80 million, a P/E ratio of -0.22 and a beta of -0.01. The firm’s fifty day simple moving average is $0.49 and its 200-day simple moving average is $0.70. BioXcel Therapeutics has a 12-month low of $0.30 and a 12-month high of $4.17.

Institutional Investors Weigh In On BioXcel Therapeutics

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

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.