Canaccord Genuity Group Cuts BioXcel Therapeutics (NASDAQ:BTAI) Price Target to $5.00

BioXcel Therapeutics (NASDAQ:BTAI) had its price objective trimmed by Canaccord Genuity Group from $7.00 to $5.00 in a report published on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

Separately, HC Wainwright cut their target price on BioXcel Therapeutics from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Monday, October 21st.

BioXcel Therapeutics Stock Down 18.2 %

NASDAQ BTAI opened at $0.39 on Monday. The firm has a 50-day moving average price of $0.48 and a two-hundred day moving average price of $0.69. BioXcel Therapeutics has a 12-month low of $0.30 and a 12-month high of $4.17. The company has a market capitalization of $19.13 million, a P/E ratio of -0.18 and a beta of -0.01.

Institutional Investors Weigh In On BioXcel Therapeutics

A number of large investors have recently modified their holdings of the business. Armistice Capital LLC lifted its position in shares of 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 buying an additional 2,616,027 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in BioXcel Therapeutics during the second quarter worth about $39,000. Finally, XTX Topco Ltd lifted 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 worth $60,000 after acquiring an additional 15,291 shares during the last quarter. Institutional investors and hedge funds own 30.68% of the company’s stock.

BioXcel Therapeutics Company Profile

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.