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

BioXcel Therapeutics, Inc. (NASDAQ:BTAI) saw a large increase in short interest in February. As of February 28th, there was short interest totalling 330,500 shares, an increase of 16.2% from the February 13th total of 284,500 shares. Based on an average daily volume of 4,260,000 shares, the short-interest ratio is currently 0.1 days. Currently, 12.1% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BTAI. HC Wainwright reduced their price objective on shares of BioXcel Therapeutics from $80.00 to $48.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Canaccord Genuity Group reduced their price objective on shares of BioXcel Therapeutics from $112.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Bank of America reaffirmed an “underperform” rating and set a $4.00 price objective (down from $112.00) on shares of BioXcel Therapeutics in a research note on Tuesday, January 7th. Finally, Rodman & Renshaw began coverage on shares of BioXcel Therapeutics in a research note on Wednesday. They set a “buy” rating and a $65.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $42.60.

BioXcel Therapeutics Stock Performance

Shares of NASDAQ BTAI traded up $0.12 during mid-day trading on Wednesday, reaching $2.32. The company had a trading volume of 3,838,280 shares, compared to its average volume of 1,147,768. The stock has a fifty day moving average of $3.76 and a two-hundred day moving average of $6.83. The company has a market capitalization of $7.44 million, a price-to-earnings ratio of -0.07 and a beta of 0.89. BioXcel Therapeutics has a 12-month low of $1.72 and a 12-month high of $49.58.

Hedge Funds Weigh In On BioXcel Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its holdings in BioXcel Therapeutics by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 311,965 shares of the company’s stock worth $117,000 after buying an additional 13,922 shares during the last quarter. Wells Fargo & Company MN grew its holdings in BioXcel Therapeutics by 7.5% during the fourth quarter. Wells Fargo & Company MN now owns 199,010 shares of the company’s stock valued at $74,000 after purchasing an additional 13,952 shares during the last quarter. Northern Trust Corp grew its holdings in BioXcel Therapeutics by 81.4% during the fourth 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 during the last quarter. Finally, Squarepoint Ops LLC grew its holdings 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 last quarter. Institutional investors and hedge funds own 30.68% of the company’s stock.

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.