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.
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.
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.
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.
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.
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After starting the week on a positive note, major stock indexes witnessed volatility and slipped mid-week. Meanwhile, the S&P 500 index regained a part of the lost momentum and closed