Analyst Ram Selvaraju of H.C. Wainwright reiterated a Buy rating on Bioxcel Therapeutics, retaining the price target of $10.00.
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Ram Selvaraju has given his Buy rating due to a combination of factors including positive feedback from the FDA regarding BioXcel Therapeutics’ planned supplemental New Drug Application (sNDA) for BXCL501. The FDA’s favorable response has set a promising stage for the release of pivotal data, which is crucial for the potential expansion of BXCL501’s label for at-home use. This regulatory progress, coupled with the completion of the pivotal Phase 3 SERENITY At-Home trial, supports the company’s strategic plans.
Furthermore, the SERENITY At-Home trial, which is designed to evaluate the safety of BXCL501 for treating agitation associated with bipolar disorders or schizophrenia in an at-home setting, has been completed with data collection from over 200 patients. Given the existing FDA approval of IGALMI for institutional use and the trial’s focus on safety, the upcoming data readout is perceived as low-risk. These developments underpin the Buy rating and the 12-month price target of $10 per share.
Selvaraju covers the Healthcare sector, focusing on stocks such as Bioxcel Therapeutics, Cognition Therapeutics, and Axsome Therapeutics. According to TipRanks, Selvaraju has an average return of 23.0% and a 55.96% success rate on recommended stocks.
In another report released yesterday, Canaccord Genuity also reiterated a Buy rating on the stock with a $18.00 price target.