UBS downgraded BioXcel Therapeutics to Neutral from Buy with a price target of $4, down from $9. The firm cites uncertainty around BioXcel’s ability to raise capital to fund operations as well as alignment with the FDA on the path to market in Alzheimer’s agitation plus use of data from the trial site with conduct issues for the downgrade. Additionally, the firm says 2024 is very much a year of execution for BioXcel, with the key TRANQUILITY AT-HOME Alzheimer’s agitation readout expected 1Q25.
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