Why BioXcel Therapeutics Stock Is Getting Crushed Today
BioXcel Therapeutics (NASDAQ: BTAI) stock is plummeting Monday. The clinical-stage biotech specialist's share price is down 44.6% as of 11:15 a.m. ET, according to data from S&P Global Market Intelligence.
BioXcel published its second-quarter results before the market opened this morning and paired the release with news of a major restructuring initiative. In addition to posting Q2 sales and earnings that fell short of the market's expectations, the company also announced a major pivot for its product pipeline and plans to reduce its workforce.
BioXcel recorded a loss of $1.83 per share on revenue of $457,000 in the second quarter. Meanwhile, the average analyst estimate had targeted a per-share loss of $1.72 on sales of 467,000. For a clinical-stage biotech that's still producing very little in the way of revenue as it develops, tests, and attempts to receive authorization to market products, this kind of sales and earnings miss is hardly unusual or cause for alarm. But BioXcel is making big shifts that are flashing bearish signals.
Source Fool.com
