Why BioXcel Therapeutics Is Soaring Today

BioXcel Therapeutics (NASDAQ: BTAI) is starting the week on a strong note. As of 11:31 a.m. EDT on Monday, shares of the biotech company are up by 14.4%. There seem to be two major catalysts for these gains. First, BioXcel reported positive results from two clinical trials for one of its lead pipeline candidates. Second, a Wall Street analyst reiterated his buy rating and increased his price target on the company's stock.

BioXcel's BXCL501 is a sublingual thin film that the company is developing for the treatment of acute agitation (psychological and behavioral symptoms) associated with psychiatric conditions such as schizophrenia and bipolar disorder. Today, the company reported that BXCL501 achieved its primary and secondary endpoints in two phase 3 clinical trials. In both of these studies, "BXCL501 was well tolerated, with rapid and durable reductions in agitation," in patients with schizophrenia and bipolar disorder.

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Source Fool.com