Categories Health Care

Excitement continues for BioXcel Therapeutics (BTAI) investors

Once again, the shares of BioXcel Therapeutics (NASDAQ: BTAI) surpassed its previous 52-week high today and closed at $39.59, up 7.09%. BTAI stock, which jumped more than 50% last Friday, peaked to a new 52-week high ($41.59) on Friday as an analyst firm lifted its price target exponentially. Today, BioXcel excelled to a fresh yearly high ($43.63) during the afternoon session as the company announced about the initiation of Phase 2 study of treating acute agitation.

BioXcel Therapeutics (BTAI) stock price reaches 52-week high

What it does?

The New Haven, Connecticut-based clinical stage biopharma company is in the process of developing two clinical candidates (BXCL501 for the treatment of acute agitation resulting from neurological and psychiatric disorders, and BXCL701 for the treatment of a rare form of prostate cancer and for treatment of pancreatic cancer). The firm uses artificial intelligence to identify improved therapies in neuroscience and immuno-oncology.

Q3 highlights

For the third quarter ended September 30, 2019, BioXcel Therapeutics reported a loss of $9 million and the company hasn’t generated any revenue since its inception. The company had cash and cash equivalents of $40.25 million at the end of third quarter and it expects to burn more cash since it’s involved in the development of two drug candidates.

Recent developments

BioXcel has been making good progress in the recent months. In early February, the company’s investigational new drug application for BXCL501 received clearance from FDA for the treatment of opioid withdrawal symptoms. BioXcel estimates to report the topline results of pivotal Phase III study of patients with acute agitation in the first half of 2020. The first NDA for BXL501 is expected during the second half of 2020.

Also Read: Medtronic (MDT) beats Q3 earnings estimates; revenues miss mark

Last Friday, analyst firm SunTrust increased BioXcel’s price target by 600% to $150 from $24. The BTAI stock with an whopping trading volume of 4.69 million on Friday, had skyrocketed from its 52-week low price of $3.76, which it hit on November 1, 2019. The recent advancements give hope that BioXcel Therapeutics could show further improvements in the development of its two drug candidates and thus BTAI will be an interesting biopharma stock to watch in the coming months.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Intensity Therapeutics is establishing a new field of localized cancer reduction: CEO

Intensity Therapeutics, Inc. (NASDAQ: INTS) is a clinical biotechnology company engaged in the discovery development, and commercialization of first-in-class cancer drugs that attenuate tumors with minimal side effects while training

INTU Earnings: Intuit Q1 2025 adj. profit rises on higher revenues

Financial technology company Intuit Inc. (NASDAQ: INTU) Thursday announced results for the first quarter of 2025, reporting a modest increase in adjusted earnings. The Mountain View-headquartered company’s first-quarter revenue came

Riding the AI wave, Nvidia looks set to stay on the high-growth path

After delivering strong results for the third quarter, Nvidia Corporation (NASDAQ: NVDA) this week said the launch of its new-generation Blackwell chip is on track. The company is thriving on

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top