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%.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on BTAI:
- Mizuho ‘very disappointed’ by BioXcel’s AD data update
- BioXcel Therapeutics price target lowered to $18 from $46 at Guggenheim
- BioXcel Tanks on Concerns Over Phase 2 Alzheimer’s Trial
- BioXcel Therapeutics down 67% amid regulatory inquiry into BXCL501 development
- BioXcel Therapeutics Announces Positive Topline Results From TRANQUILITY II Phase 3 Trial of BXCL501 for Acute Treatment of Alzheimer’s Disease-Related Agitation