BioXcel Therapeutics price target lowered to $20 from $75 at Canaccord

Canaccord analyst Sumant Kulkarni lowered the firm’s price target on BioXcel Therapeutics to $20 from $75 and keeps a Buy rating on the shares. The firm said the focus of its conference call was the comany’s restructuring, and a shift in focus from commercializing Igalmi in the institutional setting to developing it for use in an at-home setting. Since Igalmi’s approval, a relatively slow launch in an institutional setting was somewhat expected but, continued clinical development has suffered from a series of unfortunate events.