Challenging Horizon For BioXcel: Analysts Dive Into Igalmi's Potential And Reshaped Commercialization Strategy
Portfolio Pulse from Nabaparna Bhattacharya
Mizuho analyst Graig Suvannavejh downgraded BioXcel Therapeutics, Inc. (NASDAQ:BTAI) to Neutral from Buy, lowering the price target to $4 from $40. The downgrade follows BioXcel's Q2 results, which showed a net loss of $53.5 million. The analyst also pushed out the potential launch of BioXcel's drug, Igalmi, from 2025 to 2029, due to the assumption that the FDA will require a second Phase 3 study. Truist Securities analyst Robyn Karnauskas also lowered the price target for BioXcel to $31 from $71.
August 15, 2023 | 6:02 pm
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BioXcel Therapeutics has been downgraded by Mizuho and Truist Securities, with both analysts lowering their price targets. This follows a wider than expected Q2 net loss and a delay in the potential launch of the company's drug, Igalmi.
The downgrade and lowered price targets by Mizuho and Truist Securities are likely to negatively impact BioXcel's stock price in the short term. The wider than expected Q2 net loss and delay in the potential launch of Igalmi further contribute to this negative outlook.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100