Canaccord Genuity Sticks to Its Buy Rating for Bioxcel Therapeutics Inc

Canaccord Genuity analyst Sumant Kulkarni reiterated a Buy rating on Bioxcel Therapeutics Inc (NASDAQ: BTAI) today and set a price target of $21. The company’s shares opened today at $9.99.

Kulkarni wrote:

“We did not see any major surprises in BTAI’s 1Q18, which was this development-stage biopharma company’s first report as a public entity. Recall that BTAI has two main pipeline assets: 1) BXCL501, which is a sublingual formulation of dexmedetomidine that the company is developing for agitation (the drug was approved earlier for other companies as an intravenous drug for sedation); and 2) BXCL701 (talabostat) that BTAI is developing for treatment-emergent neuroendocrine prostate cancer (tNEPC) and pancreatic cancer, and has intriguing preclinical data so far. We are adjusting our model to reflect modestly higher operating expenses (primarily R&D) in 2018E. Our DCF-based price target remains at $21. We continue to view the stock as an interesting oncology and neurology play, and are reiterating our BUY.”

According to TipRanks.com, Kulkarni is a 1-star analyst with an average return of 0.0% and a 46.5% 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 Strong Buy and the average price target is $20.40, representing a 104.2% upside.

In a report issued on May 3, H.C. Wainwright also initiated coverage with 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.