BioXcel Therapeutics, Inc. (NASDAQ:BTAI) Short Interest Down 9.2% in May

BioXcel Therapeutics, Inc. (NASDAQ:BTAI) saw a large drop in short interest in May. As of May 31st, there was short interest totalling 1,480,000 shares, a drop of 9.2% from the May 15th total of 1,630,000 shares. Based on an average daily trading volume, of 568,100 shares, the days-to-cover ratio is currently 2.6 days.

BioXcel Therapeutics Trading Down 8.3 %

Shares of NASDAQ:BTAI traded down $0.11 on Tuesday, hitting $1.22. 482,004 shares of the company were exchanged, compared to its average volume of 1,067,707. The stock’s 50 day moving average price is $2.16 and its 200 day moving average price is $2.72. BioXcel Therapeutics has a 1-year low of $1.22 and a 1-year high of $20.16. The firm has a market capitalization of $45.79 million, a P/E ratio of -0.26 and a beta of 0.37.

BioXcel Therapeutics (NASDAQ:BTAI) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.87) EPS for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.19). BioXcel Therapeutics had a negative return on equity of 890.63% and a negative net margin of 8,715.72%. The firm had revenue of $0.58 million for the quarter, compared to analyst estimates of $0.42 million. During the same period in the prior year, the firm posted ($1.84) EPS. On average, equities analysts predict that BioXcel Therapeutics will post -2.61 EPS for the current fiscal year.

Insider Activity at BioXcel Therapeutics

In other BioXcel Therapeutics news, CEO Vimal Mehta sold 126,014 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $1.63, for a total value of $205,402.82. Following the transaction, the chief executive officer now directly owns 7,811,515 shares in the company, valued at approximately $12,732,769.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 132,516 shares of company stock worth $222,449 in the last 90 days. 35.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BioXcel Therapeutics

A number of institutional investors have recently bought and sold shares of the business. Apollon Wealth Management LLC acquired a new stake in shares of BioXcel Therapeutics in the fourth quarter worth $31,000. Truist Financial Corp purchased a new position in shares of BioXcel Therapeutics during the 4th quarter valued at about $32,000. Tower Research Capital LLC TRC lifted its holdings in shares of BioXcel Therapeutics by 239.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 13,832 shares of the company’s stock valued at $41,000 after buying an additional 9,754 shares during the period. Virtu Financial LLC purchased a new stake in shares of BioXcel Therapeutics in the fourth quarter worth about $176,000. Finally, Pennant Investors LP acquired a new stake in BioXcel Therapeutics during the fourth quarter worth about $248,000. 30.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on BTAI. UBS Group reiterated a “neutral” rating and set a $4.00 target price (down from $9.00) on shares of BioXcel Therapeutics in a report on Wednesday, February 21st. Canaccord Genuity Group cut their price objective on shares of BioXcel Therapeutics from $18.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, March 14th. HC Wainwright restated a “buy” rating and set a $10.00 target price on shares of BioXcel Therapeutics in a report on Friday, May 10th. Finally, Bank of America cut their price target on BioXcel Therapeutics from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, March 13th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, BioXcel Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $16.71.

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.