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

BioXcel Therapeutics (NASDAQ:BTAI)‘s stock had its “underperform” rating reaffirmed by Bank of America in a report issued on Tuesday,Benzinga reports. They currently have a $0.25 price objective on the stock, down from their previous price objective of $7.00. Bank of America‘s target price suggests a potential downside of 35.15% from the stock’s current price.

Several other brokerages have also recently commented on BTAI. Canaccord Genuity Group decreased their price target 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 reduced their target price on BioXcel Therapeutics from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Monday, October 21st.

BioXcel Therapeutics Price Performance

BioXcel Therapeutics stock opened at $0.39 on Tuesday. BioXcel Therapeutics has a 1 year low of $0.30 and a 1 year high of $4.17. The firm’s 50 day moving average price is $0.48 and its 200-day moving average price is $0.69. The stock has a market cap of $19.13 million, a P/E ratio of -0.18 and a beta of -0.01.

Institutional Trading of BioXcel Therapeutics

Several hedge funds have recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. bought a new stake in BioXcel Therapeutics during the second quarter worth approximately $39,000. XTX Topco Ltd boosted its holdings 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 purchasing an additional 15,291 shares during the period. Finally, Armistice Capital LLC boosted its holdings in shares of 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 purchasing an additional 2,616,027 shares during the period. 30.68% of the stock is currently owned by hedge funds and other institutional investors.

BioXcel Therapeutics Company Profile

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.