In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Bioxcel Therapeutics (BTAI – Research Report), with a price target of $11.00.
Ram Selvaraju’s Buy rating for Bioxcel Therapeutics is based on several factors. Firstly, Bioxcel Therapeutics has achieved alignment with the FDA on the clinical development requirements for its drug, BXCL501, which is significant for two indications: Alzheimer’s disease-associated acute agitation, and the at-home treatment of acute agitation in patients with neuropsychiatric conditions. The company is planning to conduct an additional Phase 3 trial for BXCL501 to assess its safety and gather more efficacy data. This doesn’t seem overly burdensome and it’s expected that these studies will be completed in 2024 without the need for substantial additional capital investment.
Secondly, Bioxcel Therapeutics has renegotiated its debt agreements, securing a binding term sheet to adjust its strategic financing agreements with its current debt lenders. This revision includes terms that increase the company’s potential to access extra tranches of capital, an extension of the deadline for compliance, and adjustments reflecting current projections. The company has also secured a waiver and modification to the covenant regarding investments in a subsidiary dedicated to BXCL701’s development in various oncology indications. These amendments are viewed as a positive development, especially as they are expected to allow the company to gain significant traction with BXCL501 in at-home settings, which offer considerably larger revenue opportunities compared to the current label for hospital use only.
According to TipRanks, Selvaraju is an analyst with an average return of -8.6% and a 27.94% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Bioxcel Therapeutics, Genmab, and MoonLake Immunotherapeutics.
In another report released yesterday, Bank of America Securities also reiterated a Buy rating on the stock with a $9.00 price target.
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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.
Read More on BTAI:
- BioXcel Therapeutics Aligns with FDA Recommendation for Phase 3 Trial for TRANQUILITY Program, Provides Update on Strategic Financing, and Reports Third Quarter 2023 Financial Results
- Bioxcel Therapeutics (BTAI) Q3 Earnings Cheat Sheet
- Largest borrow rate increases among liquid names
- BioXcel reports overall survival results from Phase 2 trial of BXCL701
- BioXcel Therapeutics announces update on NIDA-funded trial of BXCL501
