BioXcel Therapeutics, Inc. (NASDAQ:BTAI) Sees Significant Increase in Short Interest

BioXcel Therapeutics, Inc. (NASDAQ:BTAI) was the target of a large growth in short interest during the month of February. As of February 28th, there was short interest totalling 330,500 shares, a growth of 16.2% from the February 13th total of 284,500 shares. Based on an average daily trading volume, of 4,260,000 shares, the days-to-cover ratio is presently 0.1 days. Approximately 12.1% of the company’s stock are sold short.

Hedge Funds Weigh In On BioXcel Therapeutics

A number of large investors have recently bought and sold shares of the company. Geode Capital Management LLC raised its position in BioXcel Therapeutics by 4.7% during the 4th 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 raised its position in BioXcel Therapeutics by 7.5% during the 4th quarter. Wells Fargo & Company MN now owns 199,010 shares of the company’s stock worth $74,000 after buying an additional 13,952 shares during the last quarter. 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 worth $28,000 after buying an additional 33,161 shares during the last quarter. Finally, Squarepoint Ops LLC raised its position in BioXcel Therapeutics by 203.9% during the 4th quarter. Squarepoint Ops LLC now owns 72,046 shares of the company’s stock worth $27,000 after buying an additional 48,336 shares during the last quarter. Hedge funds and other institutional investors own 30.68% of the company’s stock.

BioXcel Therapeutics Price Performance

BTAI stock opened at $2.37 on Thursday. The company has a fifty day moving average price of $3.69 and a 200 day moving average price of $6.80. BioXcel Therapeutics has a 12 month low of $1.72 and a 12 month high of $49.58. The company has a market cap of $7.60 million, a price-to-earnings ratio of -0.07 and a beta of 0.89.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BTAI. 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 report on Monday, January 6th. Bank of America restated an “underperform” rating and set a $4.00 price objective (down previously from $112.00) on shares of BioXcel Therapeutics in a research report on Tuesday, January 7th. Rodman & Renshaw initiated coverage on shares of BioXcel Therapeutics in a research report on Wednesday. They set a “buy” rating and a $65.00 price objective for the company. Finally, HC Wainwright reduced their price target on shares of BioXcel Therapeutics from $80.00 to $48.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $42.60.

BioXcel Therapeutics Company Profile

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.