Long Position on BTAI @ $48.60 on 6/5/2020 (Momentum)

BioXcel Therapeutics, Inc. (BTAI), a clinical stage biopharmaceutical company, focuses on novel artificial intelligence-based drug development in the fields of neuroscience and immuno-oncology in the United States.

The company is involved in developing BXCL501, a sublingual thin film formulation of dexmedetomidine for acute treatment of agitation resulting from neurological and psychiatric disorders; and BXCL701, an immuno-oncology agent for the treatment of prostate and pancreatic cancers, and other solid tumors.

BioXcel Therapeutics, Inc. has a collaboration with Merck KGaA; Nektar Therapeutics, Inc.; and Pfizer Inc. to develop a therapy for treating pancreatic cancer. The company was founded in 2017 and is headquartered in New Haven, Connecticut.

Please note that yesterday Guggenheim initiated coverage of the stock with a Buy rating and target price of $101.

This company has begun enrolling patients for Phase 3 of their treatment of agitation in patients with schizophrenia and bipolar disorder. This enrollment process, combined with Guggenheim's initiated coverage should contribute to growth in share prices.

Entry point: $48.60

52-week trade range: $3.76 - $53.02

Stop/Loss: $44.50

Target Price: $55.00

Updates

6/15/2020 1:03:27 PM

BTAI closed at $54.80

Position closed on 6/15/2020 at price of $54.80 with a 12.76% gain in 10 days.

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