BioXcel Therapeutics stock hits 52-week low at $1.72

In a challenging turn for BioXcel Therapeutics Inc (NASDAQ:BTAI)., the company’s stock plummeted to a 52-week low, touching down at $1.72. With a market capitalization of just $8.64 million and an EBITDA of -$64.5 million in the last twelve months, the company’s financial health score on InvestingPro stands at a concerning "WEAK" rating. This significant drop reflects a stark contrast to the stock’s performance over the past year, with BioXcel Therapeutics witnessing a precipitous 1-year change of -96.3%. Investors are closely monitoring the biopharmaceutical company, known for its innovative approach to drug development, as it navigates through a period marked by volatility and downward pressure on its stock value. The current price level serves as a critical juncture for the company, as market watchers consider the potential for a rebound or further declines. Analyst price targets range widely from $1 to $80, highlighting the uncertainty ahead. For deeper insights into BTAI’s valuation and growth prospects, including 12 additional ProTips, check out the comprehensive research report available on InvestingPro.

In other recent news, BioXcel Therapeutics has initiated an at-the-market equity offering program, allowing the company to sell up to $8,135,000 of its common stock through Canaccord Genuity LLC. This move aims to provide BioXcel with a flexible financing option to support its operations and growth initiatives. Additionally, BioXcel Therapeutics is facing a potential delisting from The Nasdaq Capital Market due to non-compliance with the market value requirement, having fallen below the $35 million threshold. The company plans to appeal the delisting determination, which will delay the process and allow trading to continue until the hearing concludes.

In its ongoing efforts, BioXcel has reported progress in its SERENITY At-Home pivotal Phase 3 trial, reaching 50% of patient enrollment. The trial evaluates the safety of BXCL501 for treating agitation in patients with bipolar disorders or schizophrenia in a home setting, with topline data expected in the second half of 2025. BioXcel also announced a successful equity financing round, increasing its cash reserves to approximately $35 million to support the ongoing trial. The company has achieved 33% enrollment for the trial, with 23 clinical trial sites open, and aims to expand the label of its FDA-approved IGALMI® for at-home treatment settings.

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