Canaccord Genuity Group Has Lowered Expectations for BioXcel Therapeutics (NASDAQ:BTAI) Stock Price

BioXcel Therapeutics (NASDAQ:BTAI) had its target price dropped by investment analysts at Canaccord Genuity Group from $7.00 to $5.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock.

Separately, HC Wainwright dropped their price target on shares of BioXcel Therapeutics from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Monday, October 21st.

BioXcel Therapeutics Stock Down 17.8 %

Shares of BTAI opened at $0.47 on Monday. The business has a fifty day moving average of $0.49 and a 200 day moving average of $0.69. The company has a market cap of $23.39 million, a PE ratio of -0.22 and a beta of -0.01. BioXcel Therapeutics has a 52-week low of $0.30 and a 52-week high of $4.17.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Point72 Asia Singapore Pte. Ltd. bought a new stake in BioXcel Therapeutics during the 2nd quarter valued at about $39,000. Armistice Capital LLC boosted its holdings in shares of 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. Finally, XTX Topco Ltd grew its stake in 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 purchasing an additional 15,291 shares in the last quarter. 30.68% of the stock is currently 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.