BofA analyst Greg Harrison lowered the firm’s price target on BioXcel Therapeutics to $23 from $43 and keeps a Buy rating on the shares after the company disclosed trial conduct issues along with positive topline data from the phase 3 TRANQUILITY II trial evaluating BXCL501 in agitation associated with Alzheimer’s disease. The issues described in the 8-K introduce risk to ‘501’s approval in this indication and will likely remain an overhang on the stock until a resolution, says BofA, which is lowering its odds of success assumption for AD agitation to 25% from 80%.
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