Short Interest in BioXcel Therapeutics, Inc. (NASDAQ:BTAI) Drops By 20.7%

BioXcel Therapeutics, Inc. (NASDAQ:BTAI - Get Free Report) was the target of a large decrease in short interest in March. As of March 31st, there was short interest totalling 2,490,000 shares, a decrease of 20.7% from the March 15th total of 3,140,000 shares. Based on an average trading volume of 1,490,000 shares, the short-interest ratio is currently 1.7 days. Currently, 10.5% of the shares of the stock are short sold.

BioXcel Therapeutics Stock Performance

BioXcel Therapeutics stock traded up $0.11 during mid-day trading on Friday, hitting $2.90. The company's stock had a trading volume of 1,130,764 shares, compared to its average volume of 456,597. The company has a 50 day moving average of $2.98 and a 200-day moving average of $3.18. BioXcel Therapeutics has a one year low of $1.91 and a one year high of $29.56. The stock has a market cap of $88.68 million, a PE ratio of -0.47 and a beta of 0.40.

BioXcel Therapeutics (NASDAQ:BTAI - Get Free Report) last posted its quarterly earnings results on Tuesday, March 12th. The company reported ($0.76) EPS for the quarter, topping analysts' consensus estimates of ($0.98) by $0.22. BioXcel Therapeutics had a negative net margin of 12,974.86% and a negative return on equity of 890.63%. The firm had revenue of $0.38 million for the quarter, compared to analysts' expectations of $1.17 million. On average, equities research analysts forecast that BioXcel Therapeutics will post -2.28 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Bank of America cut their target price on shares of BioXcel Therapeutics from $8.00 to $7.00 and set a "buy" rating for the company in a report on Wednesday, March 13th. UBS Group reissued a "neutral" rating and set a $4.00 price objective (down from $9.00) on shares of BioXcel Therapeutics in a research note on Wednesday, February 21st. Canaccord Genuity Group lowered their price objective on BioXcel Therapeutics from $18.00 to $7.00 and set a "buy" rating for the company in a research note on Thursday, March 14th. Finally, HC Wainwright reiterated a "buy" rating and issued a $11.00 target price on shares of BioXcel Therapeutics in a report on Monday, March 18th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $16.86.

Hedge Funds Weigh In On BioXcel Therapeutics

A number of institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp grew its stake in BioXcel Therapeutics by 13.2% in the third quarter. Bank of New York Mellon Corp now owns 128,022 shares of the company's stock worth $324,000 after purchasing an additional 14,901 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its stake in shares of BioXcel Therapeutics by 89.5% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 33,940 shares of the company's stock valued at $86,000 after buying an additional 16,032 shares during the period. Thrivent Financial for Lutherans bought a new stake in shares of BioXcel Therapeutics in the second quarter valued at about $64,000. Creative Planning bought a new stake in shares of BioXcel Therapeutics in the third quarter valued at about $54,000. Finally, Point72 Hong Kong Ltd purchased a new stake in BioXcel Therapeutics in the second quarter worth about $50,000. 30.68% of the stock is owned by hedge funds and other institutional investors.

BioXcel Therapeutics Company Profile

BioXcel Therapeutics, Inc, a commercial-stage biopharmaceutical company, engages in utilizing artificial intelligence approaches to develop transformative medicines in neuroscience and immuno-oncology. The company's drug re-innovation approach leverages existing approved drugs and/or clinically validated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indices.

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