Why BioXcel Therapeutics Stock Flopped Again Today
Even though it's only Tuesday, BioXcel Therapeutics (NASDAQ: BTAI) is having a week to forget. After the biotech's share price tanked on Monday on the back of less-than-inspiring quarterly results and the announcement of significant job cuts, it was hammered again the following day. It lost over 4% of its value, which unfavorably compared to the 1.2% decline of the S 500 index.
As often happens in the wake of quarterly earnings reports that are either far better or substantially worse than expected, analysts adjusted their takes on BioXcel Tuesday.
That wasn't a good development for the company. One prognosticator, Graig Suvannavejh of Mizuho Securities, went as far as to downgrade his recommendation on the stock. Suvannavejh now feels BioXcel now only rates a neutral, instead of his previous buy. More discouragingly, the pundit made a severe cut to his price target -- it's now $4 per share, down sharply from his preceding $40.
Source Fool.com
