BioXcel Therapeutics’ (BTAI) Buy Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of BioXcel Therapeutics (NASDAQ:BTAI) in a research report report published on Friday, Benzinga reports. The firm currently has a $7.00 price target on the stock.

Other equities analysts have also recently issued research reports about the stock. UBS Group decreased their price objective on shares of BioXcel Therapeutics from $3.50 to $1.00 and set a neutral rating on the stock in a research report on Friday, August 9th. HC Wainwright reduced their price target on BioXcel Therapeutics from $10.00 to $7.00 and set a buy rating on the stock in a report on Thursday, August 8th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, BioXcel Therapeutics has an average rating of Moderate Buy and an average price target of $5.50.

BioXcel Therapeutics Price Performance

Shares of BioXcel Therapeutics stock opened at $0.62 on Friday. BioXcel Therapeutics has a one year low of $0.58 and a one year high of $5.62. The business’s 50 day simple moving average is $0.97 and its two-hundred day simple moving average is $1.92. The stock has a market capitalization of $25.06 million, a P/E ratio of -0.12 and a beta of 0.32.

BioXcel Therapeutics (NASDAQ:BTAI) last issued its earnings results on Tuesday, August 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.55. The firm had revenue of $1.10 million during the quarter, compared to the consensus estimate of $0.80 million. During the same quarter in the prior year, the business posted ($1.83) EPS. Sell-side analysts expect that BioXcel Therapeutics will post -1.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BTAI. Armistice Capital LLC increased its position 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 valued at $3,823,000 after buying an additional 2,616,027 shares during the period. Vanguard Group Inc. boosted its position in BioXcel Therapeutics by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 1,099,375 shares of the company’s stock valued at $3,100,000 after acquiring an additional 9,912 shares in the last quarter. Pennant Investors LP purchased a new position in shares of BioXcel Therapeutics during the 4th quarter worth approximately $248,000. Virtu Financial LLC bought a new position in shares of BioXcel Therapeutics in the 4th quarter worth approximately $176,000. Finally, XTX Topco Ltd lifted its stake 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 valued at $60,000 after purchasing an additional 15,291 shares during the period. 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.