BioXcel Therapeutics, Inc. (NASDAQ:BTAI) Sees Significant Decrease in Short Interest

BioXcel Therapeutics, Inc. (NASDAQ:BTAI) was the target of a large drop in short interest in March. As of March 15th, there was short interest totalling 221,300 shares, a drop of 33.0% from the February 28th total of 330,500 shares. Currently, 8.1% of the company’s stock are short sold. Based on an average daily volume of 4,360,000 shares, the days-to-cover ratio is presently 0.1 days.

Analyst Upgrades and Downgrades

A number of research firms recently commented on BTAI. Bank of America reiterated an “underperform” rating and set a $4.00 price objective (down previously from $112.00) on shares of BioXcel Therapeutics in a research report on Tuesday, January 7th. Canaccord Genuity Group reduced their price objective on BioXcel Therapeutics from $112.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, January 6th. HC Wainwright cut their price target on BioXcel Therapeutics from $80.00 to $48.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Rodman & Renshaw started coverage on shares of BioXcel Therapeutics in a report on Wednesday, March 19th. They set a “buy” rating and a $65.00 price target on the stock. Finally, RODMAN&RENSHAW upgraded BioXcel Therapeutics to a “strong-buy” rating in a report on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, BioXcel Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $42.60.

BioXcel Therapeutics Stock Performance

NASDAQ BTAI traded down $0.19 during trading on Friday, hitting $2.12. The stock had a trading volume of 138,545 shares, compared to its average volume of 1,161,807. The stock has a market capitalization of $6.80 million, a price-to-earnings ratio of -0.06 and a beta of 0.89. The stock has a 50 day simple moving average of $3.19 and a 200 day simple moving average of $6.47. BioXcel Therapeutics has a one year low of $1.72 and a one year high of $49.58.

BioXcel Therapeutics (NASDAQ:BTAI) last issued its earnings results on Thursday, March 27th. The company reported ($3.57) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($4.36) by $0.79. The company had revenue of $0.30 million for the quarter, compared to analysts’ expectations of $0.72 million. On average, sell-side analysts predict that BioXcel Therapeutics will post -24.39 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Squarepoint Ops LLC grew its position in shares of BioXcel Therapeutics by 203.9% during the 4th quarter. Squarepoint Ops LLC now owns 72,046 shares of the company’s stock worth $27,000 after buying an additional 48,336 shares in the last quarter. Northern Trust Corp lifted its stake in BioXcel Therapeutics by 81.4% in the fourth quarter. Northern Trust Corp now owns 73,910 shares of the company’s stock worth $28,000 after acquiring an additional 33,161 shares during the period. Wells Fargo & Company MN grew its holdings in BioXcel Therapeutics by 7.5% during the 4th quarter. Wells Fargo & Company MN now owns 199,010 shares of the company’s stock worth $74,000 after acquiring an additional 13,952 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in BioXcel Therapeutics by 4.7% during the 4th quarter. Geode Capital Management LLC now owns 311,965 shares of the company’s stock valued at $117,000 after purchasing an additional 13,922 shares during the period. 30.68% of the stock is currently owned by hedge funds and other 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.