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

BioXcel Therapeutics (NASDAQ:BTAI) had its price target decreased by Canaccord Genuity Group from $7.00 to $5.00 in a research report released on Monday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

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

BioXcel Therapeutics Stock Down 18.2 %

Shares of BTAI opened at $0.39 on Monday. The stock has a market cap of $19.13 million, a PE ratio of -0.18 and a beta of -0.01. BioXcel Therapeutics has a 12-month low of $0.30 and a 12-month high of $4.17. The business has a 50-day simple moving average of $0.48 and a two-hundred day simple moving average of $0.69.

Hedge Funds Weigh In On BioXcel Therapeutics

Hedge funds have recently made changes to their positions in the stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in BioXcel Therapeutics during the 2nd quarter valued at approximately $39,000. Armistice Capital LLC boosted its stake in shares of BioXcel Therapeutics by 705.2% in the 2nd quarter. Armistice Capital LLC now owns 2,987,000 shares of the company’s stock valued at $3,823,000 after purchasing an additional 2,616,027 shares during the last quarter. Finally, XTX Topco Ltd increased its position in shares of BioXcel Therapeutics by 49.0% during the second quarter. XTX Topco Ltd now owns 46,503 shares of the company’s stock worth $60,000 after buying an additional 15,291 shares during the period. 30.68% of the stock is currently owned by 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.