BioXcel Therapeutics upgraded to Neutral from Sell at Goldman Sachs

Goldman Sachs analyst Corinne Jenkins upgraded BioXcel Therapeutics to Neutral from Sell with a $16 price target. The analyst says the stock’s valuation now more accurately reflects the underlying business. She sees more limited downside to revenue estimates over the next year, "which should be supportive of shares over the early launch period," Jenkins tells investors in a research note. Moreover, the analyst expects commercial execution to be secondary to the clinical catalyst path over the course of 2023, and she sees a high likelihood of clinical success for each of BioXcel’s three Phase 3 read-outs expected next year.