Canaccord Genuity Group Reiterates “Buy” Rating for BioXcel Therapeutics (NASDAQ:BTAI)

BioXcel Therapeutics (NASDAQ:BTAI)‘s stock had its “buy” rating reissued by equities research analysts at Canaccord Genuity Group in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $7.00 target price on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 446.88% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. HC Wainwright restated a “buy” rating and issued a $10.00 price objective on shares of BioXcel Therapeutics in a research report on Friday, May 10th. Bank of America lowered their price objective on BioXcel Therapeutics from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, March 13th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $16.71.

BioXcel Therapeutics Trading Up 0.8 %

Shares of NASDAQ:BTAI opened at $1.28 on Thursday. BioXcel Therapeutics has a twelve month low of $1.11 and a twelve month high of $12.40. The company’s 50 day moving average is $1.89 and its 200 day moving average is $2.58. The company has a market cap of $48.04 million, a PE ratio of -0.25 and a beta of 0.36.

BioXcel Therapeutics (NASDAQ:BTAI) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.87) earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $0.42 million. During the same quarter last year, the company posted ($1.84) EPS. Equities research analysts predict that BioXcel Therapeutics will post -2.61 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC lifted its holdings in 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 in the last quarter. Vanguard Group Inc. increased its stake 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 worth $3,100,000 after acquiring an additional 9,912 shares during the last quarter. Apollon Wealth Management LLC acquired a new stake in shares of BioXcel Therapeutics in the 4th quarter worth $31,000. Truist Financial Corp acquired a new stake in shares of BioXcel Therapeutics in the 4th quarter worth $32,000. Finally, Virtu Financial LLC acquired a new stake in shares of BioXcel Therapeutics in the 4th quarter worth $176,000. Hedge funds and other institutional investors own 30.68% of the company’s stock.

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.