Short Interest in BioXcel Therapeutics Inc (NASDAQ:BTAI) Increases By 39.9%

BioXcel Therapeutics Inc (NASDAQ:BTAI) was the target of a significant growth in short interest in June. As of June 30th, there was short interest totalling 944,000 shares, a growth of 39.9% from the June 15th total of 674,800 shares. Based on an average daily trading volume, of 456,000 shares, the days-to-cover ratio is presently 2.1 days. Currently, 9.0% of the company’s stock are sold short.

Shares of BTAI stock opened at $49.98 on Wednesday. The stock’s 50 day simple moving average is $50.34 and its 200 day simple moving average is $30.66. The company has a debt-to-equity ratio of 0.01, a quick ratio of 6.82 and a current ratio of 6.82. BioXcel Therapeutics has a twelve month low of $3.76 and a twelve month high of $61.50. The company has a market capitalization of $970.69 million, a price-to-earnings ratio of -21.27 and a beta of 2.12.

BioXcel Therapeutics (NASDAQ:BTAI) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.79) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.58) by ($0.21). On average, analysts forecast that BioXcel Therapeutics will post -2.96 EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the stock. Advisor Group Holdings Inc. bought a new position in shares of BioXcel Therapeutics in the 1st quarter valued at approximately $39,000. Victory Capital Management Inc. raised its stake in shares of BioXcel Therapeutics by 39.6% in the 1st quarter. Victory Capital Management Inc. now owns 1,874 shares of the company’s stock valued at $42,000 after acquiring an additional 532 shares in the last quarter. Citigroup Inc. raised its stake in shares of BioXcel Therapeutics by 49.1% in the 1st quarter. Citigroup Inc. now owns 2,074 shares of the company’s stock valued at $46,000 after acquiring an additional 683 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in BioXcel Therapeutics by 134.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,089 shares of the company’s stock worth $47,000 after buying an additional 1,198 shares during the period. Finally, US Bancorp DE bought a new position in BioXcel Therapeutics in the 1st quarter worth approximately $68,000. 28.67% of the stock is currently owned by institutional investors and hedge funds.

BTAI has been the topic of several recent analyst reports. Canaccord Genuity reissued a “buy” rating and set a $71.00 price target on shares of BioXcel Therapeutics in a research report on Wednesday, May 13th. BMO Capital Markets raised their price objective on BioXcel Therapeutics from $26.00 to $64.00 in a research report on Tuesday, March 10th. HC Wainwright restated a “buy” rating and set a $95.00 price objective on shares of BioXcel Therapeutics in a research report on Monday. Bank of America started coverage on BioXcel Therapeutics in a research report on Wednesday, April 1st. They set a “buy” rating and a $45.00 price objective for the company. Finally, BidaskClub upgraded BioXcel Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 25th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $66.67.

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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