Short Interest in BioXcel Therapeutics, Inc. (NASDAQ:BTAI) Declines By 39.8%

by · The Cerbat Gem

BioXcel Therapeutics, Inc. (NASDAQ:BTAI – Get Free Report) was the target of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 347,100 shares, a drop of 39.8% from the October 15th total of 576,400 shares. Based on an average daily volume of 478,700 shares, the days-to-cover ratio is currently 0.7 days.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. UBS Group dropped their target price on BioXcel Therapeutics from $3.50 to $1.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 target price on shares of BioXcel Therapeutics in a research report on Friday, August 30th. Finally, HC Wainwright cut their price target on shares of BioXcel Therapeutics from $7.00 to $5.00 and set a “buy” rating for the company in a report on Monday, October 21st.

Get Our Latest Stock Report on BTAI

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of BioXcel Therapeutics in the 2nd quarter valued at $39,000. Armistice Capital LLC grew its holdings in BioXcel Therapeutics by 705.2% in the second quarter. Armistice Capital LLC now owns 2,987,000 shares of the company’s stock valued at $3,823,000 after purchasing an additional 2,616,027 shares during the period. XTX Topco Ltd raised its position in shares of BioXcel Therapeutics by 49.0% in the 2nd quarter. XTX Topco Ltd now owns 46,503 shares of the company’s stock worth $60,000 after buying an additional 15,291 shares during the period. Rosalind Advisors Inc. acquired a new stake in BioXcel Therapeutics during the 2nd quarter worth approximately $51,000. Finally, Vanguard Group Inc. grew its stake in shares of BioXcel Therapeutics by 0.9% in the first quarter. Vanguard Group Inc. now owns 1,099,375 shares of the company’s stock valued at $3,100,000 after buying an additional 9,912 shares in the last quarter. 30.68% of the stock is owned by institutional investors and hedge funds.

BioXcel Therapeutics Price Performance

Shares of BTAI stock traded down $0.09 during trading on Thursday, reaching $0.53. The company’s stock had a trading volume of 557,288 shares, compared to its average volume of 829,334. BioXcel Therapeutics has a 1-year low of $0.51 and a 1-year high of $4.89. The stock’s 50-day moving average price is $0.60 and its 200 day moving average price is $1.09. The company has a market capitalization of $21.42 million, a price-to-earnings ratio of -0.16 and a beta of 0.29.

About BioXcel Therapeutics

(Get Free Report)

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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