Why BioXcel Therapeutics Stock Is Crashing Today
Shares of BioXcel Therapeutics (NASDAQ: BTAI) had crashed 22.5% as of 11:56 a.m. EST on Monday. The steep decline came after Goldman Sachs (NYSE: GS) analyst Corinne Jenkins downgraded BioXcel from neutral to sell.
Jenkins also cut the price target for the biotech stock from $55 to $24. The new target is more than 30% below BioXcel's closing price on Friday.
Goldman Sachs appears to be in the minority among Wall Street analysts with its pessimistic view of BioXcel. Of the four analysts surveyed by Refinitiv, three rate the stock as a buy, with one rating BioXcel as a strong buy. The average analysts' price target is a sky-high $92.82, roughly 240% higher than the current share price.
Source Fool.com
