Short Interest in BioXcel Therapeutics, Inc. (NASDAQ:BTAI) Drops By 66.6%

BioXcel Therapeutics, Inc. (NASDAQ:BTAI) was the recipient of a significant decrease in short interest in April. As of April 15th, there was short interest totalling 74,300 shares, a decrease of 66.6% from the March 31st total of 222,700 shares. Based on an average daily volume of 4,370,000 shares, the days-to-cover ratio is currently 0.0 days. Currently, 1.6% of the shares of the company are short sold.

BioXcel Therapeutics Price Performance

Shares of NASDAQ BTAI opened at $1.87 on Friday. The firm has a fifty day moving average price of $2.10 and a 200-day moving average price of $5.32. The stock has a market cap of $10.26 million, a PE ratio of -0.05 and a beta of 0.64. BioXcel Therapeutics has a 1 year low of $1.29 and a 1 year high of $43.12.

BioXcel Therapeutics (NASDAQ:BTAI) last posted its earnings results on Thursday, March 27th. The company reported ($3.57) earnings per share for the quarter, beating the consensus estimate of ($4.36) by $0.79. The company had revenue of $0.30 million for the quarter, compared to analysts’ expectations of $0.72 million. On average, research analysts expect that BioXcel Therapeutics will post -24.39 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BTAI. Squarepoint Ops LLC raised its position in BioXcel Therapeutics by 203.9% during the fourth quarter. Squarepoint Ops LLC now owns 72,046 shares of the company’s stock valued at $27,000 after purchasing an additional 48,336 shares during the period. Northern Trust Corp raised its position in BioXcel Therapeutics by 81.4% during the 4th quarter. Northern Trust Corp now owns 73,910 shares of the company’s stock valued at $28,000 after purchasing an additional 33,161 shares in the last quarter. Wells Fargo & Company MN lifted its stake in BioXcel Therapeutics by 7.5% in the fourth quarter. Wells Fargo & Company MN now owns 199,010 shares of the company’s stock worth $74,000 after acquiring an additional 13,952 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of BioXcel Therapeutics by 4.7% in the 4th quarter. Geode Capital Management LLC now owns 311,965 shares of the company’s stock worth $117,000 after purchasing an additional 13,922 shares during the period. 30.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on BTAI. Bank of America restated an “underperform” rating and set a $4.00 target price (down previously from $112.00) on shares of BioXcel Therapeutics in a research note on Tuesday, January 7th. HC Wainwright reduced their price objective on BioXcel Therapeutics from $80.00 to $48.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Canaccord Genuity Group dropped their target price on BioXcel Therapeutics from $112.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. RODMAN&RENSHAW raised shares of BioXcel Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 19th. Finally, Rodman & Renshaw started coverage on shares of BioXcel Therapeutics in a report on Wednesday, March 19th. They issued a “buy” rating and a $65.00 price objective on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, BioXcel Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $42.60.

About BioXcel Therapeutics

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.