BioXcel Therapeutics (NASDAQ:BTAI) Trading Down 5.5% – Here’s Why

Shares of BioXcel Therapeutics, Inc. (NASDAQ:BTAI) dropped 5.5% during trading on Tuesday . The stock traded as low as $1.04 and last traded at $1.04. Approximately 3,997,345 shares traded hands during mid-day trading, an increase of 465% from the average daily volume of 707,556 shares. The stock had previously closed at $1.10.

Analyst Ratings Changes

BTAI has been the subject of several research analyst reports. HC Wainwright cut their target price on shares of BioXcel Therapeutics from $6.00 to $5.00 and set a “buy” rating for the company in a research note on Thursday, April 2nd. Rodman & Renshaw began coverage on shares of BioXcel Therapeutics in a report on Tuesday, March 17th. They set a “buy” rating and a $17.00 price objective for the company. Wall Street Zen lowered BioXcel Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of BioXcel Therapeutics in a report on Monday, April 20th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $11.00.

BioXcel Therapeutics Trading Up 4.4%

The firm’s 50-day moving average price is $1.19 and its 200-day moving average price is $1.42. The stock has a market capitalization of $25.87 million, a PE ratio of -0.15 and a beta of 0.27.

BioXcel Therapeutics (NASDAQ:BTAI) last released its quarterly earnings results on Friday, May 15th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.01). The company had revenue of $0.21 million during the quarter, compared to the consensus estimate of $0.38 million. On average, equities research analysts predict that BioXcel Therapeutics, Inc. will post -2.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BioXcel Therapeutics

Large investors have recently modified their holdings of the stock. Geode Capital Management LLC lifted its position in BioXcel Therapeutics by 27.7% in the second quarter. Geode Capital Management LLC now owns 28,182 shares of the company’s stock worth $51,000 after buying an additional 6,120 shares during the last quarter. State Street Corp boosted its stake in BioXcel Therapeutics by 19.9% during the fourth quarter. State Street Corp now owns 63,218 shares of the company’s stock worth $101,000 after buying an additional 10,500 shares during the period. Diversify Wealth Management LLC bought a new position in BioXcel Therapeutics during the second quarter valued at $27,000. HRT Financial LP bought a new position in BioXcel Therapeutics during the fourth quarter valued at $28,000. Finally, XTX Topco Ltd purchased a new stake in shares of BioXcel Therapeutics in the second quarter valued at $42,000. Institutional investors own 30.68% of the company’s stock.

About BioXcel Therapeutics

BioXcel Therapeutics, Inc is a biopharmaceutical company leveraging an AI-driven drug development platform to identify and advance novel or repurposed therapies in neuroscience and immunology. The proprietary BioXcel AI engine analyzes preclinical and clinical data to reveal new therapeutic applications for existing small molecules and biologics, aiming to streamline development timelines and improve patient outcomes.

BioXcel’s commercial portfolio includes two FDA-approved therapies. IGALMI® (dexmedetomidine) is indicated for the acute treatment of agitation in schizophrenia or bipolar I disorder, offering a noninvasive, sublingual delivery option.