Bullish Outlook: Bioxcel Therapeutics’ Revenue Surge and Promising Clinical Trials Fuel Buy Rating

Analyst Ram Selvaraju of H.C. Wainwright reiterated a Buy rating on Bioxcel Therapeutics (BTAI – Research Report), retaining the price target of $10.00.

Ram Selvaraju has given his Buy rating due to a combination of factors including Bioxcel Therapeutics’ (BTAI) recent financial performance and its promising clinical programs. The company’s first quarter 2024 revenues surpassed expectations, signaling a potential acceleration in revenue growth, which is anticipated to continue due to existing contracting and reimbursement structures, as well as the establishment of a J-code for IGALMI™. Despite a net loss that was somewhat higher than projected, mainly due to increased SG&A expenses, Selvaraju remains optimistic about future revenue prospects, leading to an increase in revenue forecasts for the next two years.
Further bolstering his positive outlook are the company’s TRANQUILITY and SERENITY pivotal trial programs, which are expected to advance swiftly and efficiently. The trial designs appear to be low-risk, building on previous trials’ success. With the neurology-focused assets and oncology candidate being positioned for out-licensing or monetization, there is potential for significant value creation. The anticipated rapid patient enrollment and subsequent data release from the trials could lead to label extensions for IGALMI and approval for BXCL501 in Alzheimer’s Disease, potentially materializing as early as late 2025. Selvaraju’s rating reflects these strategic clinical developments and the associated market opportunities.

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Bioxcel Therapeutics (BTAI) Company Description:

BioXcel Therapeutics, Inc. is a clinical stage biopharmaceutical company focuses on drug development. The firm’s two clinical development programs are BXCL501, a sublingual thin film formulation designed for acute treatment of agitation resulting from neurological and psychiatric disorders, and BXCL701, an immuno-oncology agent designed for treatment of a rare form of prostate cancer and for treatment of pancreatic cancer. The company was founded by Vimal D. Mehta on March 29, 2017 and is headquartered in New Haven, CT.