BioXcel Therapeutics (BTAI) PT Raised to $4 at Mizuho, 'Next Financing Remains Our Focus'

Mizuho analyst Graig Suvannavejh raised the price target on BioXcel Therapeutics (NASDAQ: BTAI) to $4.00 (from $2.00) while maintaining a Neutral rating.

The analyst comments "Following recent announcements of positive P3 SERENITY At-Home study data for Igalmi/BXCL501, we raise our PT to $4 (from $2), and maintain our Neutral rating. In updating our model, while we now specifically quantify the potential at-home revenue opportunity for Igalmi, we also revise our views on the potential in-care and Alzheimer's disease/AD-related revenue opportunities, with our Igalmi peak year (in 2037) riskadjusted sales now projected at ~$390mn across three indications (vs. $325mn, prior, but across two). That said, we remain uber-focused on BTAI's liquidity/solvency issues. Indeed, while we now see Igalmi as very approvable in the at-home setting (with an approval likely in 2027), with continued uncertainty around what kind of financing solution BTAI ultimately will come up with in order to provide more stability to the financial picture of the company — and when that might happen — we stay Neutral-rated on BTAI."

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