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

BioXcel Therapeutics (NASDAQ:BTAI)‘s stock had its “buy” rating reiterated by equities researchers at Canaccord Genuity Group in a report issued on Thursday, Benzinga reports. They currently have a $7.00 target price on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 430.30% from the company’s previous close.

BTAI has been the topic of several other reports. Bank of America decreased their price objective on BioXcel Therapeutics from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, March 13th. HC Wainwright restated a “buy” rating and set a $10.00 price target on shares of BioXcel Therapeutics in a report on Friday, May 10th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $16.71.

BioXcel Therapeutics Price Performance

Shares of BTAI opened at $1.32 on Thursday. The firm has a market cap of $49.54 million, a P/E ratio of -0.25 and a beta of 0.36. The stock has a 50 day simple moving average of $1.95 and a two-hundred day simple moving average of $2.60. BioXcel Therapeutics has a 1 year low of $1.11 and a 1 year high of $17.78.

BioXcel Therapeutics (NASDAQ:BTAI) last announced 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 business had revenue of $0.58 million during the quarter, compared to analysts’ expectations of $0.42 million. During the same period in the previous year, the business earned ($1.84) EPS. On average, equities analysts anticipate that BioXcel Therapeutics will post -2.61 earnings per share for the current year.

Insider Buying and Selling at BioXcel Therapeutics

In related news, CEO Vimal Mehta sold 126,014 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $1.63, for a total value of $205,402.82. Following the sale, the chief executive officer now owns 7,811,515 shares in the company, valued at approximately $12,732,769.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 135,022 shares of company stock worth $225,656 over the last quarter. 35.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. 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 purchasing an additional 9,754 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of BioXcel Therapeutics by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 1,099,375 shares of the company’s stock valued at $3,100,000 after purchasing an additional 9,912 shares during the last quarter. Apollon Wealth Management LLC purchased a new stake in BioXcel Therapeutics during the 4th quarter valued at approximately $31,000. Truist Financial Corp purchased a new stake in BioXcel Therapeutics during the 4th quarter valued at approximately $32,000. Finally, Virtu Financial LLC purchased a new stake in BioXcel Therapeutics during the 4th quarter valued at approximately $176,000. 30.68% of the stock is owned by institutional investors and hedge funds.

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.