Why BioXcel Therapeutics Stock Marched Higher Today
Shares of the commercial-stage biopharma BioXcel Therapeutics (NASDAQ: BTAI) were up by 10.3% on heavy volume as of 3:29 p.m. ET Monday afternoon. The big gain came after the drugmaker reported 2023 first-quarter earnings ahead of the opening bell this morning.
On the financial side, BioXcel reported $206,000 in net revenue from its Food and Drug Administration (FDA) approved treatment, Igalmi, for agitation associated with schizophrenia or bipolar disorder during the three-month period. Igalmi, a sublingual formulation of dexmedetomidine, was approved by the FDA in this setting in April of 2022.
Igalmi's rather modest sales probably weren't the spark behind today's double-digit rally. Instead, investors appear to be piling into the biotech ahead of key data readouts for BXCL501 in other agitation settings, as well as in major depressive disorder (MDD).
Source Fool.com
