Bank of America Reaffirms Underperform Rating for BioXcel Therapeutics (NASDAQ:BTAI)

Bank of America reiterated their underperform rating on shares of BioXcel Therapeutics (NASDAQ:BTAI) in a research note published on Tuesday morning,Benzinga reports. Bank of America currently has a $0.25 price objective on the stock, down from their previous price objective of $7.00.

Several other brokerages have also recently weighed in on BTAI. HC Wainwright decreased their target price on BioXcel Therapeutics from $7.00 to $5.00 and set a “buy” rating for the company in a research note on Monday, October 21st. Canaccord Genuity Group reduced their price objective on shares of BioXcel Therapeutics from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Monday.

BioXcel Therapeutics Stock Performance

Shares of NASDAQ BTAI opened at $0.47 on Tuesday. BioXcel Therapeutics has a 1 year low of $0.30 and a 1 year high of $4.17. The firm has a market cap of $23.39 million, a P/E ratio of -0.22 and a beta of -0.01. The stock has a fifty day moving average price of $0.49 and a two-hundred day moving average price of $0.69.

Institutional Investors Weigh In On BioXcel Therapeutics

Several hedge funds have recently modified their holdings of BTAI. XTX Topco Ltd increased its stake in BioXcel Therapeutics by 49.0% in the 2nd quarter. XTX Topco Ltd now owns 46,503 shares of the company’s stock worth $60,000 after purchasing an additional 15,291 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of BioXcel Therapeutics in the second quarter worth about $39,000. Finally, Armistice Capital LLC increased its position in shares of BioXcel Therapeutics by 705.2% in the second 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 in the last quarter. 30.68% of the stock is owned by hedge funds and other 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.