Canaccord Genuity analyst Sumant Kulkarni maintained a Buy rating on Bioxcel Therapeutics Inc (NASDAQ: BTAI) yesterday and set a price target of $21. The company’s shares opened today at $9.94.
Kulkarni observed:
“We hosted BTAI’s CEO Vimal Mehta at our 2018 Boston, MA. CSO Frank Yocca, CMO Vincent O’Neill, and CFO Richard Steinhart were also in the audience. While we did not learn anything significantly new, we note the company appears very confident in its ability to hit its stated development timelines on its two product candidates: BXCL501 (sublingual dexmedetomidine), which is a neurology product for agitation that is in BXCL701, which is an oncology product for treatment-emergent neuroendocrine prostate cancer and pancreatic cancer. We continue to view the stock as an interesting oncology and neurology play, and are reiterating our BUY; see our recent initiation here for more details.”
According to TipRanks.com, Kulkarni is a 3-star analyst with an average return of 2.2% and a 44.8% success rate. Kulkarni covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Intra-Cellular Therapies, and Alder Biopharmaceuticals.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Bioxcel Therapeutics Inc with a $23 average price target, a 131.4% upside from current levels. In a report issued on July 25, 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.
