Short Interest in BioXcel Therapeutics, Inc. (NASDAQ:BTAI) Grows By 28.9%

BioXcel Therapeutics, Inc. (NASDAQ:BTAI) was the recipient of a significant increase in short interest in the month of July. As of July 31st, there was short interest totalling 807,300 shares, an increase of 28.9% from the July 15th total of 626,100 shares. Based on an average trading volume of 661,100 shares, the days-to-cover ratio is currently 1.2 days.

Insider Buying and Selling

In related news, CEO Vimal Mehta sold 126,014 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $1.63, for a total transaction of $205,402.82. Following the sale, the chief executive officer now owns 7,811,515 shares in the company, valued at $12,732,769.45. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 128,520 shares of company stock worth $208,611 over the last quarter. 35.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Armistice Capital LLC lifted its position in BioXcel Therapeutics by 705.2% during the 2nd quarter. Armistice Capital LLC now owns 2,987,000 shares of the company’s stock worth $3,823,000 after acquiring an additional 2,616,027 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in BioXcel Therapeutics during the 2nd quarter worth $39,000. XTX Topco Ltd lifted its position in BioXcel Therapeutics by 49.0% during the 2nd quarter. XTX Topco Ltd now owns 46,503 shares of the company’s stock worth $60,000 after acquiring an additional 15,291 shares during the last quarter. Rosalind Advisors Inc. acquired a new position in shares of BioXcel Therapeutics during the second quarter valued at about $51,000. Finally, Vanguard Group Inc. raised its position in shares of BioXcel Therapeutics by 0.9% during the first quarter. Vanguard Group Inc. now owns 1,099,375 shares of the company’s stock valued at $3,100,000 after buying an additional 9,912 shares during the last quarter. Institutional investors and hedge funds own 30.68% of the company’s stock.

BioXcel Therapeutics Price Performance

NASDAQ BTAI traded down $0.01 on Friday, hitting $0.67. 429,942 shares of the stock were exchanged, compared to its average volume of 965,024. BioXcel Therapeutics has a 52-week low of $0.65 and a 52-week high of $5.62. The company has a market capitalization of $25.27 million, a price-to-earnings ratio of -0.13 and a beta of 0.32. The company’s 50-day moving average price is $1.12 and its two-hundred day moving average price is $2.12.

BioXcel Therapeutics (NASDAQ:BTAI) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.55. The business had revenue of $1.10 million during the quarter, compared to analyst estimates of $0.80 million. During the same period in the previous year, the firm posted ($1.83) EPS. Equities analysts predict that BioXcel Therapeutics will post -2.74 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on BTAI shares. UBS Group dropped their price target on shares of BioXcel Therapeutics from $3.50 to $1.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. HC Wainwright decreased their price objective on shares of BioXcel Therapeutics from $10.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 price objective on shares of BioXcel Therapeutics in a report on Thursday, June 27th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $5.50.

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.