In a report released today, Sumant Kulkarni from Canaccord Genuity maintained a Buy rating on Bioxcel Therapeutics Inc (NASDAQ: BTAI), with a price target of $21. The company’s shares opened today at $9.05.
Kulkarni commented:
“We recently met with Vimal Mehta. Step also attended. Following the meeting, we came away with increased confidence that the company is well on track to hit its development timelines on its pipeline programs. Separately, BTAI recently announced positive data from its Phase 1b trial on intravenous dexmedetomidine for the acute treatment of agitation in neuropsychiatric disorders and dementia. BTAI expects these data (from 16 healthy volunteers aged 55-75) to help in finding an optimal dose for its sublingual film formulation of dex, which we expect could be launched in 2021E.”
According to TipRanks.com, Kulkarni is a 2-star analyst with an average return of 1.4% and a 41.3% success rate. Kulkarni covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Intra-Cellular Therapies, and Alder Biopharmaceuticals.
Currently, the analyst consensus on Bioxcel Therapeutics Inc is a Moderate Buy with an average price target of $23, a 154.1% upside from current levels. In a report issued on June 28, H.C. Wainwright also reiterated a Buy rating on the stock with a $25 price target.
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Based on Bioxcel Therapeutics Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $4.28 million. In comparison, last year the company had a GAAP net loss of $542K.
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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 Branford, CT.
