Jefferies downgraded BioXcel Therapeutics to Hold from Buy with a price target of $22, up from $20, post the Q4 report. The analyst is more negative on Igalmi’s launch trajectory due to barriers to hospital formulary adoption. The firm believes investors will further question the expansion opportunities in dementia and at-home agitation, tempering upside to the Tranquility/Serenity readouts in the first half of 2023.
Published first on TheFly
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