UPDATE: Mizuho Securities Starts BioXcel Therapeutics (BTAI) at Buy

Mizuho Securities analyst Graig Suvannavejh initiates coverage on BioXcel Therapeutics (NASDAQ: BTAI) with a Buy rating and a price target of $19.00.

The analyst comments "We initiate on BTAI at Buy/$19 (implies 30% upside). With lead asset Igalmi now launched, BTAI is transitioning to a revenue-generating story. As such, near-term stock performance will likely be driven by Igalmi's initial sales trajectory, and market confidence (or lack thereof) in BTAI's ability to commercially execute. That said, we're more focused on upcoming Phase 3 data for Igalmi in treating agitation in Alzheimer's patients, a significantly larger market opportunity where KOL feedback has been quite positive. Should the data look good, we see potential for meaningful stock inflection (>40%). Thus, while acknowledging the potential for near-term stock volatility regarding Igalmi's initial launch dynamics, ahead of the Phase 3 readout, we're Buy-rated."

For an analyst ratings summary and ratings history on BioXcel Therapeutics click here. For more ratings news on BioXcel Therapeutics click here.

Shares of BioXcel Therapeutics closed at $14.64 yesterday.

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