BioXcel Therapeutics, Inc. (NASDAQ:BTAI) Sees Large Growth in Short Interest

BioXcel Therapeutics, Inc. (NASDAQ:BTAI) was the target of a large growth in short interest in March. As of March 13th, there was short interest totaling 2,804,918 shares, a growth of 49.5% from the February 26th total of 1,876,148 shares. Based on an average daily volume of 5,379,473 shares, the days-to-cover ratio is currently 0.5 days. Currently, 13.3% of the shares of the stock are short sold.

BioXcel Therapeutics Stock Performance

Shares of NASDAQ:BTAI opened at $1.26 on Friday. The firm has a 50 day simple moving average of $1.60 and a 200 day simple moving average of $1.99. BioXcel Therapeutics has a 52 week low of $1.17 and a 52 week high of $8.08. The company has a market cap of $27.56 million, a PE ratio of -0.13 and a beta of 0.18.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BTAI. Wall Street Zen upgraded shares of BioXcel Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday. Rodman & Renshaw assumed coverage on BioXcel Therapeutics in a research report on Tuesday, March 17th. They set a “buy” rating and a $17.00 price objective for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of BioXcel Therapeutics in a research note on Wednesday, January 21st. HC Wainwright decreased their target price on BioXcel Therapeutics from $10.00 to $6.00 and set a “buy” rating on the stock in a report on Thursday, March 5th. Finally, Zacks Research raised BioXcel Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, BioXcel Therapeutics has an average rating of “Hold” and an average target price of $11.50.

Institutional Trading of BioXcel Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the business. Diversify Wealth Management LLC purchased a new position in shares of BioXcel Therapeutics during the second quarter valued at $27,000. HRT Financial LP purchased a new stake in BioXcel Therapeutics in the 4th quarter worth about $28,000. XTX Topco Ltd purchased a new stake in BioXcel Therapeutics in the 2nd quarter worth about $42,000. Goldman Sachs Group Inc. acquired a new stake in BioXcel Therapeutics during the 1st quarter worth about $50,000. Finally, Geode Capital Management LLC boosted its position in BioXcel Therapeutics by 27.7% during the 2nd quarter. Geode Capital Management LLC now owns 28,182 shares of the company’s stock worth $51,000 after acquiring an additional 6,120 shares during the period. Institutional investors and hedge funds own 30.68% of the company’s stock.

About BioXcel Therapeutics

BioXcel Therapeutics, Inc is a biopharmaceutical company leveraging an AI-driven drug development platform to identify and advance novel or repurposed therapies in neuroscience and immunology. The proprietary BioXcel AI engine analyzes preclinical and clinical data to reveal new therapeutic applications for existing small molecules and biologics, aiming to streamline development timelines and improve patient outcomes.

BioXcel’s commercial portfolio includes two FDA-approved therapies. IGALMI® (dexmedetomidine) is indicated for the acute treatment of agitation in schizophrenia or bipolar I disorder, offering a noninvasive, sublingual delivery option.