Analyst Ram Selvaraju of H.C. Wainwright reiterated a Buy rating on Bioxcel Therapeutics, retaining the price target of $8.00.
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Ram Selvaraju’s rating is based on the promising developments in Bioxcel Therapeutics’ clinical trials, particularly the SERENITY At-Home pivotal Phase 3 trial for BXCL501. The trial received a second favorable review from an independent Data Safety Monitoring Board, which recommended its continuation without modifications, indicating confidence in the safety profile of the treatment for agitation associated with bipolar disorders or schizophrenia.
Additionally, the trial’s design, which mirrors previous successful studies, suggests a straightforward path to potential label expansion for IGALMI in the at-home setting. The company’s valuation, supported by a discounted cash flow assessment, aligns with a 12-month price target of $8 per share. Despite potential risks such as trial delays or regulatory hurdles, the positive trajectory of Bioxcel’s clinical programs underpins the Buy rating.
In another report released on June 25, Lucid Capital also maintained a Buy rating on the stock with a $66.00 price target.