SunTrust Banks Initiates Coverage on BioXcel Therapeutics (NASDAQ:BTAI)

Stock analysts at SunTrust Banks started coverage on shares of BioXcel Therapeutics (NASDAQ:BTAI) in a report released on Tuesday, The Fly reports. The brokerage set a “buy” rating and a $24.00 price target on the stock. SunTrust Banks’ price target indicates a potential upside of 429.80% from the stock’s current price.

Several other research analysts have also commented on BTAI. Zacks Investment Research raised shares of BioXcel Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, September 11th. HC Wainwright set a $25.00 price objective on shares of BioXcel Therapeutics and gave the company a “buy” rating in a report on Wednesday, August 21st. ValuEngine upgraded shares of BioXcel Therapeutics from a “hold” rating to a “buy” rating in a report on Thursday, October 17th. Finally, BMO Capital Markets set a $21.00 price objective on shares of BioXcel Therapeutics and gave the company a “buy” rating in a report on Wednesday, September 18th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. BioXcel Therapeutics has an average rating of “Buy” and an average target price of $20.60.

BTAI stock traded up $0.42 during mid-day trading on Tuesday, hitting $4.53. 100 shares of the company were exchanged, compared to its average volume of 72,015. The company has a quick ratio of 3.93, a current ratio of 3.93 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $64.19 million, a P/E ratio of -3.11 and a beta of 2.80. The business has a fifty day simple moving average of $5.88 and a 200-day simple moving average of $9.26. BioXcel Therapeutics has a 12-month low of $2.41 and a 12-month high of $12.00.

In other BioXcel Therapeutics news, Director Peter Mueller acquired 8,446 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was purchased at an average price of $8.74 per share, for a total transaction of $73,818.04. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Vimal Mehta acquired 2,983 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was acquired at an average price of $8.64 per share, with a total value of $25,773.12. The disclosure for this purchase can be found here. Insiders own 64.80% of the company’s stock.

Several hedge funds have recently made changes to their positions in BTAI. Artemis Investment Management LLP grew its holdings in BioXcel Therapeutics by 1.0% during the 2nd quarter. Artemis Investment Management LLP now owns 979,015 shares of the company’s stock worth $10,644,000 after acquiring an additional 10,036 shares in the last quarter. Capital Investment Advisory Services LLC acquired a new position in BioXcel Therapeutics during the 2nd quarter worth approximately $53,000. Charles Schwab Investment Management Inc. acquired a new position in BioXcel Therapeutics during the 2nd quarter worth approximately $138,000. Bank of New York Mellon Corp acquired a new position in BioXcel Therapeutics during the 2nd quarter worth approximately $198,000. Finally, Renaissance Technologies LLC grew its holdings in BioXcel Therapeutics by 59.8% during the 2nd quarter. Renaissance Technologies LLC now owns 71,600 shares of the company’s stock worth $785,000 after acquiring an additional 26,800 shares in the last quarter. Hedge funds and other institutional investors own 20.46% of the company’s stock.

About BioXcel Therapeutics

BioXcel Therapeutics, Inc, a clinical stage biopharmaceutical company, focuses on novel artificial intelligence-based drug development in the fields of neuroscience and immuno-oncology in the United States. The company is involved in developing BXCL501, a sublingual thin film formulation of dexmedetomidine designed for acute treatment of agitation resulting from neurological and psychiatric disorders; and BXCL701, an immuno-oncology agent designed for the treatment of prostate and pancreatic cancers.

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