In a report released on February 9, Graig Suvannavejh from Mizuho Securities maintained a Hold rating on Bioxcel Therapeutics (BTAI – Research Report), with a price target of $4.00.
Graig Suvannavejh has given his Hold rating due to a combination of factors including financial, clinical, and intellectual property considerations. The recent announcement of Bioxcel Therapeutics’ plan to raise $60 million in equity financing is viewed as a positive step towards alleviating funding concerns, which is expected to strengthen the company’s cash balance following a noticeable decrease from the previous quarter. However, the absence of near-term clinical data catalysts until 2025 has led to the maintenance of a Neutral, or Hold, rating on the stock.
Additionally, the company’s strategic regulatory meetings regarding their lead asset BXCL501 and the initiation of Phase 3 and other clinical studies in the first half of 2024 are noteworthy. Despite these developments, the timeline for results extends into 2025, suggesting an extended period before potential market impact. Meanwhile, recent approvals of new patents provide a more robust intellectual property position for Bioxcel Therapeutics, yet the Hold rating reflects the balance between these positive developments and the wait for clinical outcomes that could drive significant value inflection for the company’s stock.
BTAI’s price has also changed dramatically for the past six months – from $7.440 to $2.110, which is a -71.64% drop .
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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 Enhances Financial Position and Progresses in Cancer Treatment
- BioXcel Therapeutics Receives FDA Fast Track Designation for BXCL701 for Treatment of Small Cell Neuroendocrine Prostate Cancer (SCNC)
- BioXcel Therapeutics Eyes Phase 3 Trials Amid Financial Woes
- Bioxcel Therapeutics Secures Patents for Agitation Treatments
- BioXcel Therapeutics announces $60M common stock offering
