H.C. Wainwright Reiterates a Buy Rating on Bioxcel Therapeutics Inc (BTAI)

In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Bioxcel Therapeutics Inc (NASDAQ: BTAI), with a price target of $25. The company’s shares closed on Friday at $7.28, close to its 52-week low of $6.35.

Selvaraju said:

“Valuation methodology, risks, and uncertainties. We utilize a discounted cash flow (DCF)-based assessment, which yields a total rNPV of $335M for for BXCL701. We thus derive a total enterprise value of $455M, which translates into a price objective of $25.00 based on 18M fully-diluted shares outstanding as of mid-2019.”

According to TipRanks.com, Selvaraju is a 3-star analyst with an average return of 1.9% and a 38.5% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, Bausch Health Companies Inc, and Synergy Pharmaceuticals Inc.

Currently, the analyst consensus on Bioxcel Therapeutics Inc is a Moderate Buy with an average price target of $23.

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Based on Bioxcel Therapeutics Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $3.03 million. In comparison, last year the company had a GAAP net loss of $917K.

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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.

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