Guggenheim analyst Yatin Suneja lowered the firm’s price target on BioXcel Therapeutics to $18 from $46 and keeps a Buy rating on the shares. The company this morning announced that the Phase III TRANQUILITY II trial of BXCL501 met its primary efficacy endpoint, but the positive study news will be overshadowed by the disclosure that a single principal investigator who enrolled 40% of the patients in the study triggered the FDA to issue a Form 483, the analyst tells investors in a research note. The firm reduced estimates and chances of approval in Alzheimer’s disease-related agitation until the ongoing FDA issues are resolved, and it has more clarity on filing and approval timelines. BioXcel shares in afternoon trading are down 66% to $5.99.
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