What it does?
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
ADVERTISEMENT
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.