Analyst Greg Harrison of Bank of America Securities maintained a Buy rating on Bioxcel Therapeutics (BTAI – Research Report), with a price target of $9.00.
Greg Harrison has given his Buy rating due to a combination of factors centered around BioXcel Therapeutics’s strategic advancements and patent protections. The recent patent allowance by the USPTO, which extends the market exclusivity for Igalmi’s use in Alzheimer’s until 2037, significantly bolsters the company’s competitive position. Harrison emphasizes the importance of the upcoming phase 3 trials in the TRANQUILITY program for Alzheimer’s, as well as the SERENITY program for at-home use in schizophrenia and bipolar disorder, which are expected to be cost-effective and quick to execute.
Furthermore, the patent portfolio’s expansion, including the ‘740 patent covering the method of treating agitation in Alzheimer’s with oromucosal administration of dexmedetomidine, adds to the company’s already solid intellectual property base. With eight total US patents for Igalmi, Harrison anticipates that the completion of phase 3 trials could lead to label expansions and strengthen the drug’s market exclusivity. These developments, alongside the high importance of the anticipated TRANQUILITY at-home trial data in the first quarter of 2025, underpin Harrison’s projection of a $9.00 price objective for BioXcel Therapeutics’s stock.
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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.
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