Truist last night downgraded BioXcel Therapeutics to Hold from Buy without a price target. The analyst sees “significant near-term funding and clinical development headwinds” for the company. However, if BioXcel can secure adequate funding to develop Igalmi for expanded indications, there is “significant value” potential, the analyst tells investors in a research note. The firm is looking for a favorable FDA feedback on the company’s clinical programs, secure non-dilutive capital and material hospital sales for Igalmi to get more constructive on the shares.
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