BioXcel Therapeutics (NASDAQ:BTAI) Shares Down 3.4% After Insider Selling

Posted by Defense World Staff on May 18th, 2023

BioXcel Therapeutics, Inc. (NASDAQ:BTAI – Get Rating)’s share price was down 3.4% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $26.42 and last traded at $26.60. Approximately 88,268 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 475,285 shares. The stock had previously closed at $27.54.

Specifically, CFO Richard I. Steinhart sold 2,084 shares of BioXcel Therapeutics stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $19.50, for a total transaction of $40,638.00. Following the completion of the transaction, the chief financial officer now directly owns 1,500 shares of the company’s stock, valued at approximately $29,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other BioXcel Therapeutics news, CFO Richard I. Steinhart sold 2,084 shares of the business’s stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $19.50, for a total value of $40,638.00. Following the completion of the transaction, the chief financial officer now directly owns 1,500 shares of the company’s stock, valued at $29,250. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Vimal Mehta sold 34,500 shares of the business’s stock in a transaction dated Monday, March 20th. The stock was sold at an average price of $18.32, for a total transaction of $632,040.00. Following the completion of the transaction, the chief executive officer now directly owns 15,894 shares of the company’s stock, valued at $291,178.08. The disclosure for this sale can be found here. Insiders sold 104,354 shares of company stock valued at $1,915,889 in the last ninety days. Insiders own 37.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Jefferies Financial Group downgraded shares of BioXcel Therapeutics from a “buy” rating to a “hold” rating and boosted their price target for the stock from $20.00 to $22.00 in a research note on Friday, March 10th. The Goldman Sachs Group boosted their price target on shares of BioXcel Therapeutics from $16.00 to $26.00 and gave the stock a “neutral” rating in a research note on Thursday, January 26th. HC Wainwright dropped their price target on shares of BioXcel Therapeutics from $79.00 to $66.00 and set a “buy” rating for the company in a research note on Tuesday, March 21st. Guggenheim dropped their price target on shares of BioXcel Therapeutics from $50.00 to $46.00 in a research note on Tuesday, May 9th. Finally, Mizuho boosted their price target on shares of BioXcel Therapeutics from $38.00 to $40.00 in a research note on Wednesday, May 10th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, BioXcel Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $50.29.

BioXcel Therapeutics Stock Performance

The stock has a market cap of $783.24 million, a price-to-earnings ratio of -4.05 and a beta of 1.12. The company has a quick ratio of 6.10, a current ratio of 6.16 and a debt-to-equity ratio of 1.79. The stock’s fifty day moving average is $20.97 and its 200-day moving average is $22.52.

BioXcel Therapeutics (NASDAQ:BTAI – Get Rating) last released its quarterly earnings results on Monday, May 8th. The company reported ($1.84) earnings per share for the quarter, missing the consensus estimate of ($1.56) by ($0.28). The firm had revenue of $0.21 million for the quarter, compared to the consensus estimate of $0.50 million. During the same period in the previous year, the business earned ($1.12) EPS. On average, analysts forecast that BioXcel Therapeutics, Inc. will post -6.87 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC boosted its holdings in BioXcel Therapeutics by 205.2% during the first quarter. Tower Research Capital LLC TRC now owns 1,529 shares of the company’s stock worth $29,000 after purchasing an additional 1,028 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in BioXcel Therapeutics by 411.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,740 shares of the company’s stock worth $37,000 after purchasing an additional 1,400 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in BioXcel Therapeutics during the second quarter worth $50,000. Quantbot Technologies LP acquired a new position in BioXcel Therapeutics during the third quarter worth $57,000. Finally, Barclays PLC boosted its holdings in BioXcel Therapeutics by 533.3% during the fourth quarter. Barclays PLC now owns 5,136 shares of the company’s stock worth $111,000 after purchasing an additional 4,325 shares during the last quarter. Institutional investors and hedge funds own 42.35% of the company’s stock.

BioXcel Therapeutics Company Profile

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BioXcel Therapeutics, Inc is a biopharmaceutical company, which engages in developing artificial intelligence approaches to develop medicines in neuroscience and immuno-oncology. It also focuses on utilizing cutting-edge technology and research to develop therapeutics solutions. The company was founded by Vimal D.