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Lucid reiterates Buy on BioXcel after patent application approval

Lucid Capital reiterates a Buy rating on BioXcel Therapeutics (BTAI) with a $15 price target after the company announced that the U.S. Patent and Trademark Office approved its patent application which covers the use of a single dose of dexmedetomidine in an oromucosal formulation for treating acute agitation in schizophrenia or bipolar patients with QT prolongation under six microseconds. Once officially granted, the patent will be eligible for inclusion in the FDA’s Orange Book as the 14th listed patent for Igalmi and is expected to expire on January 12, 2043, pending any patent term adjustments, the analyst tells investors in a research note.

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