BioXcel Therapeutics, Inc. (NASDAQ:BTAI) Sees Large Drop in Short Interest

BioXcel Therapeutics, Inc. (NASDAQ:BTAI) was the target of a significant decrease in short interest in December. As of December 31st, there was short interest totalling 807,700 shares, a decrease of 23.1% from the December 15th total of 1,050,000 shares. Based on an average trading volume of 801,400 shares, the short-interest ratio is currently 1.0 days.

Institutional Trading of BioXcel Therapeutics

Hedge funds have recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. bought a new stake in BioXcel Therapeutics in the 2nd quarter valued at $39,000. XTX Topco Ltd increased its holdings 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 valued at $60,000 after purchasing an additional 15,291 shares during the last quarter. Finally, Armistice Capital LLC increased 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 last quarter. 30.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Bank of America restated an “underperform” rating and issued a $0.25 price target (down from $7.00) on shares of BioXcel Therapeutics in a research note on Tuesday, January 7th. Canaccord Genuity Group cut their price objective on BioXcel Therapeutics from $7.00 to $5.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, HC Wainwright lowered their target price on shares of 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 Stock Performance

BioXcel Therapeutics stock opened at $0.34 on Friday. The stock has a 50-day simple moving average of $0.44 and a 200 day simple moving average of $0.65. The stock has a market capitalization of $17.07 million, a P/E ratio of -0.16 and a beta of -0.01. BioXcel Therapeutics has a 52 week low of $0.30 and a 52 week high of $4.17.

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.