Schizophrenia Player BioXcel's Drug Faces Funding Headwinds, Analyst Downgrades Stock
Portfolio Pulse from Vandana Singh
BioXcel Therapeutics Inc's (NASDAQ:BTAI) stock has been downgraded from Buy to Hold by Truist due to significant near-term funding and clinical development challenges. The company's late-stage clinical programs and patent portfolio for Igalmi (dexmedetomidine) sublingual film are facing headwinds. The cash runway is a significant risk, and Truist would be more confident in BTAI if feedback from upcoming FDA meetings indicates a favorable clinical development path for Igalmi dementia and at-home use label extensions. BTAI shares are down 4.34% at $2.53.
October 05, 2023 | 6:57 pm
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NEGATIVE IMPACT
BioXcel Therapeutics Inc's stock has been downgraded due to funding and clinical development challenges. The company's shares are down 4.34% at $2.53.
The downgrade of BioXcel Therapeutics Inc's stock by Truist due to significant near-term funding and clinical development challenges is a negative signal to the market. This, coupled with the uncertainty surrounding the upcoming FDA meetings, has led to a decrease in the company's share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100